Investors looking U.S. and China future market

Investors looking to the U.S. and China for cues to future market moves caused regional indexes to close mixed, with exporters depressed by a weaker dollar and financial traders upbeat after investment bank Lehman Bros. expressed confidence in the company’s direction.

Asian markets mirrored the close of U.S. trading, which ended with the Dow up 38 points, the broader S&P unchanged and the Nasdaq up 20 points.

In Tokyo, both the Nikkei 225 and the broader Topix closed relatively unchanged after see-sawing from loss to gain throughout Monday. The Nikkei 225 closed at 14,348 with the broader Topix finishing at 1,401.

Leading decliners were exporters which are acutely aware of fluctuating currencies. The U.S. dollar was down against the yen, as the U.S. currency exchanged for 107.84 yen, down from 108.38 yen late Monday.

As the U.S. and China hold economic talks in Washington this week, the Shanghai Composite closed 2.8 percent lower to 2,794, a low point not reached since the start of March, MarketWatch reported. Since the start of 2008, the index has shed 47 percent.

Hong Kong’s Hang Seng also lost ground, falling 0.2 percent to 22,994. The nation’s Cathay Pacific Airways fell, just one of several airlines that retreated amid higher fuel prices and a depressed economy. Australia’s Qantas Airways lost 3 percent with China Airlines dropping 3.2 percent.

While Tokyo and China lost ground as traders mulled over exports, Australia’s market rose, pushed higher by increased optimism in the financial sector.

Australia’s S&P/ASX 200 rose 1 percent to 5,422 as National Australia Bank rose 1.5 percent and Westpac Banking Corp. added 0.3 percent.

Financial investors were encouraged after the leaders of Lehman Brothers Holdings told traders that it had enough money to weather the economic storm, including a $2.8 billion second-quarter loss. (AHN)