Asian stocks sagged on Tuesday amid profit taking in Hong Kong and Chinese markets, while Tokyo shares rebounded on expectations that Japan will opt for a snap election that may lead to fresh stimulus measures.
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Asian shares took solace from data showing broad U.S. economic strength even as signs of spreading weakness in China and Europe checked risk appetite, while the yen nursed its losses after sliding to multi-year lows against the dollar and euro overnight.
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Gains in shares of Apple Inc could take the world's largest publicly traded company to a market capitalization of perhaps as high as $1 trillion, some of the country's biggest investors said on Monday.
Carl Icahn isn't forecasting a dramatic stock market drop quite yet but the billionaire investor is still bracing for a market sell-off in the next three to five years, he told Reuters on Monday.
Japanese shares led a tentative recovery in Asian shares on Tuesday, drawing some support from two U.S. blockbuster acquisitions and anticipation of more European monetary stimulus.
International buyers snapped up Chinese stocks on Monday at the debut of an exchange link that allows Hong Kong and Shanghai investors to trade shares on each other's bourses, a major step towards opening China's tightly controlled capital markets.
Japanese stocks skidded on Monday, helping the yen rebound from a fresh seven-year low against the dollar touched after news Japan unexpectedly fell into recession in the third quarter.
Shares of Takata Corp opened down 1 percent on Friday after the Japanese auto parts maker said it was the subject of a U.S. criminal investigation over defective air bags that have been linked to five deaths.
An improving U.S. economy has failed to galvanize the consumer discretionary sector so far this year, but a recent rally in restaurant stocks as the holidays approach could herald happier days ahead for other retailers.
Shares of Virgin America Inc, a low-cost airline partly owned by Richard Branson, soared more than 30 percent in their market debut, underscoring the buoyant mood in an industry that is emerging from a long spell of turbulence.
European stocks fell back on Friday and U.S. stocks looked set to open flat after a mixed bag of euro zone growth numbers that showed France and Germany growing marginally but others like Italy still firmly in recession.
