Asian stocks mostly lower as US tax bill uncertainty weighs

A woman walks past an electronic stock board showing the Hang Seng Index at a bank in Hong Kong, Friday, Dec. 15, 2017. Asian stock markets were mostly lower Friday as uncertainty over a sweeping U.S. tax revamp outweighed an optimistic Japanese economic survey. (AP Photo/Kin Cheung)
A woman walks past an electronic stock board showing the Hang Seng Index at a bank in Hong Kong, Friday, Dec. 15, 2017. Asian stock markets were mostly lower Friday as uncertainty over a sweeping U.S. tax revamp outweighed an optimistic Japanese economic survey. (AP Photo/Kin Cheung)
An electronic stock board shows the Hang Seng Index at a bank in Hong Kong, Friday, Dec. 15, 2017. Asian stock markets were mostly lower Friday as uncertainty over a sweeping U.S. tax revamp outweighed an optimistic Japanese economic survey. (AP Photo/Kin Cheung)

HONG KONG — Asian stock markets were mostly lower Friday as uncertainty about the progress of a sweeping U.S. tax revamp outweighed an optimistic Japanese economic survey.

KEEPING SCORE: Japan's benchmark Nikkei 225 index fell 0.9 percent to 22,498.85 while South Korea's Kospi climbed 0.4 percent to 2,478.37. Hong Kong's Hang Seng shed 1 percent to 28,887.09 and the Shanghai Composite in mainland China lost 0.6 percent to 3,272.00. Australia's S&P/ASX 200 sank 0.2 percent to 5,998.30.

JAPAN SURVEY: Corporate sentiment in Asia's second biggest economy is at an 11-year high, according to a quarterly survey. The Bank of Japan's "tankan" business outlook based on a poll of more than 10,000 companies posted its strongest reading since the end of 2006, in the latest sign that the economy is picking up momentum.

TAXING TIME: President Donald Trump's $1.5 trillion U.S. tax overhaul was teetering on a knife-edge in the Senate, complicating Republican leaders' goal of pushing it through Congress next week and unsettling investor confidence. Senator Marco Rubio vowed to vote against the bill, which gives generous tax cuts to corporations and the wealthy, unless child tax credits are expanded. The bill's original version was approved by only 51-49, with Rubio's support.

MARKET INSIGHT: "A sustained slide into the end of the week may be the case as the tax reform jitters induced a risk-off mood for markets in the region this morning," said Jingyi Pan, strategist at IG Markets. "Notably, we have seen Japan's latest fourth quarter Tankan numbers adding to the set of positive indicators from the country, though little reaction had been seen on the Nikkei 225."

CENTRAL BANKING: Markets were digesting the impact of a raft of decisions by major global central banks over the previous day. The U.S. Federal Reserve raised its benchmark rate for the third time this year as anticipated and indicated three more hikes are in store next year. Policymakers in China and Hong Kong followed suit with their own increases while the European Central Bank and the Bank of England kept their main rates on hold, as expected.

WALL STREET: Major U.S. benchmarks ended lower. The Standard & Poor's 500 index fell 0.4 percent to close at 2,652.01. The Dow Jones industrial average lost 0.3 percent to 24,508.66. The Nasdaq shed 0.3 percent to 6,856.53.

CURRENCIES: The dollar weakened to 112.12 yen from 112.37 yen on Wednesday. The euro rose to $1.1790 from $1.1776.

ENERGY: Oil futures advanced. Benchmark U.S. crude rose 7 cents to $57.11 a barrel on the New York Mercantile Exchange. The contract rose 44 cents to close at $57.04 a barrel on Thursday. Brent crude, used to price international oils, added 4 cents to $63.35 per barrel in London.

Must Read

Giant panda is no longer endangered, experts say

Sep 5, 2016

A leading international group has taken the giant panda off its endangered list thanks to decades...

US tycoon's China scholarship project opens doors in Beijing

Sep 10, 2016

A new scholarship program intended to rival the prestigious Rhodes Scholarships and build...

China says it can't end North Korea nuke program on its own

Sep 12, 2016

China says the United States has inflamed the conflict on the Korean Peninsula and must carry the...

Global markets mixed after Wall Street loss

Dec 23, 2016

Asian markets are mostly lower while Europe has gained in early trading ahead of the Christmas...

China's 1st aircraft carrier heads for Western Pacific

Dec 25, 2016

China's Defense Ministry says the country's first aircraft carrier has set off for the Western...

More News From aseancoverage.com

Asian stocks drift as Fed rate outlook eases on service data

Sep 7, 2016

Asian stocks meandered Wednesday after a weak report on U.S. service companies reinforced...

Asian stocks mixed on stronger China trade, Nasdaq gain

Sep 8, 2016

Asian stock markets were mixed Thursday after China reported unexpectedly strong trade and Wall...

Alibaba fires 4 employees accused of stealing mooncakes

Sep 14, 2016

Four employees at Chinese internet giant Alibaba have lost their jobs after being accused of...

Asian markets lower after Wall Street decline

Sep 15, 2016

Asian stock markets were mostly lower Thursday following Wall Street's decline in light trading...

China resumes ties with Sao Tome in triumph over Taiwan

Dec 26, 2016

China and Sao Tome and Principe have officially resumed diplomatic relations after the African...