Markets flat, energy stocks up after oil spike
HONG KONG (Reuters) - Asian stocks were subdued on Wednesday amid fresh worries about the U.S. economy, but shares in energy firms such as Japan's INPEX Holdings (1605.T) rose after a spike in oil prices.
Oil surged $5 in after-hours trade on Tuesday to $68.09 a barrel on rumors that conflict had broken out between Iran and the United States -- sending U.S. stock futures down sharply in electronic trade -- but fell back toward $64 after the White House dismissed talk of military action.
U.S. crude was up 92 cents at $63.85 on Wednesday.
"There is a lot of uncertainty surrounding oil prices. As they gain more, the worries about the impact on economic indicators are going to increase," said Choo Hee-yeop, deputy general manager of asset management strategy at Korea Investment and Securities.
At 0033 GMT, Tokyo's Nikkei average .N225 had edged down 0.03 percent as exporters such as Canon Inc. (7751.T) and Sony (6758.T) lost ground. But INPEX climbed 2.88 percent.
South Korea's key KOSPI was also little changed, up just 0.01 percent, as a 0.25 percent fall for market heavyweight Samsung Electronics (005930.KS) was offset by gains in steel maker POSCO (005490.KS) and Hynix Semiconductor
(000660.KS).
In Australia, gains of 0.30 percent for mining giant BHP Billiton (BHP.AX) and 1.05 percent for oil and gas producer Woodside Petroleum (WPL.AX) helped push the key S&P/ASX 200 index .AXJO up 0.11 percent.
But construction firm Rinker Group RIN.AX, which makes a large part of its earnings in the United States, dropped 2.29 percent after No. 3 U.S. home builder Lennar Corp. (LEN.N) posted a 73.4 percent plunge in profit and withdrew its earnings forecast.
MSCI's measure of Asia Pacific stocks excluding Japan .MSCIAPJ added 0.11 percent following Tuesday's 0.23 percent decline.
U.S. stocks ended lower on Tuesday after a weak consumer confidence report fueled concerns the housing slowdown may spread to the broader economy and hurt corporate profits.
