Asian shares retreated from a seven-week high on Tuesday as the oil price rally that boosted global equity markets reversed, while the euro and sterling were hit by uncertainty over Britain's membership in the European Union.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.2 percent, after earlier rising 0.4 percent to its highest level since Jan. 8
HSBC has cut its end-year targets for China stock index by 14-18 percent as earnings forecasts fell. The good news? Stock may still finish higher from current levels.
Among its estimates for index levels by year-end, HSBC expects the MSCI China index at 60, the Shanghai Composite at 3,200, the Hong Kong China Enterprises Index (HSCEI) at 10,000 and the Hang Sang Index at 21,000 by year-end.
China stocks fell on Tuesday as investors took profits from the previous session's 2 percent gain, but some analysts expect buyers to return ahead of the annual meeting of China's top legislature next month.
Hong Kong stocks tracked mainland China shares lower on Tuesday, with falls in property and utility sectors offsetting gains in energy and resources plays.
The blue-chip CSI300 index fell 1.0 percent to 3,089.36 points, while the Shanghai Composite Index lost 0.8 percent to 2,903.33.
The Hang Seng index fell 0.3 percent to 19,414.78 points, while the China Enterprises Index lost 0.6 percent to 8,170.62.
Most sectors fell but resources and energy shares extended their recent rally on a global pick-up in commodity and oil prices.
Japanese shares fell on Tuesday in choppy trade, giving up earlier gains as oil prices reversed course, while a stronger yen kept investors on edge and pressured global cyclical shares.
The Nikkei share average ended 0.4 percent lower at 16,052.05.
Reference: Reuters
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