LONDON (ShareCast) - The Nikkei slipped into the red by close after a topsy-turvy performance, which saw the Japanese market rally in the afternoon only to succumb to a late sell-off.
Hong Kong's financial markets are closed on Wednesday
on the anniversary of Britain's handover of the territory to China.
The Nikkei started in lacklustre fashion, though rallied in the afternoon to rise 1%. But at the close, it dipped 18 points to 9939.
The Bank of Japan's tankan corporate survey showed exports and output improved from record lows hit three months ago. The index for big manufacturers' sentiment improved to -48 in June from a record low of -58 in the previous survey in March.
But figures also showed firms plan to cut capital spending by 9.4% in the year to March 2010, much higher than expected.
Japan's second-largest airline All Nippon Airways (Frankfurt: 861920 - news) fell on rumours that it plans to raise 150bn yen in a public share offering.
Leasing group Orix (Frankfurt: 851769 - news) is also lower on speculation that it too will raise money, around 100bn yen, through a public offering.
Meanwhile, China's official purchasing managers' index (PMI) for June rose to 53.2 from 53.1 in May.
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