Asian markets mostly dip, as European woes grow

Asian stocks mostly dipped Wednesday, as concerns over the European economy and international conflicts grew. Traders said sentiment had also been hit by news that several huge mergers had collapsed, including 21st Century Fox's bid for Time Warner and that of Japanese-controlled US wireless operator Sprint for T-Mobile. "A perfect storm of low volumes, geopolitical worries and pulled mergers is conspiring to keep markets on the back foot," said Chris Beauchamp, market analyst at IG trading group. Sydney shed 3.0 points, or 0.05 percent, to finish at 5,509.0, while Seoul slipped 0.30 percent or 6.22 points to close at 2,054.51. Hong Kong was down 0.78 percent in afternoon trade. Shanghai dropped 1.34 percent, or 29.80 points, to 2,187.67 and Shenzhen fell 0.92 percent, or 10.83 points, to 1,166.50. Tokyo's Nikkei rose 0.48 or 72.58 points to close at 15,232.37, bucking the regional trend, as late bargain-hunting dragged the Japanese market out of negative territory and snapped a five-day losing streak. The falls in other Asian markets followed losses in London, Paris, Frankfurt, and Lisbon. Official data showed Italy slid back into recession in the second quarter, prompting renewed fears of about the health of the Eurozone, according to AFP.