Asia stocks mostly lower following U.S. holiday

TOKYO — Asian shares were mostly lower Tuesday in quiet trading after U.S. markets were closed for Presidents Day.

Shares dropped in Tokyo, Sydney and Hong Kong but rose in Seoul and Shanghai. Analysts say worries about a slowdown and weakening demand persist in Asia, as companies cope with rising energy and raw material costs and consumers hold back on spending. “The distortions in the Australian economy remain extreme and point only to recession,” Clifford Bennett, chief economist at ACY Securities, said in a commentary.

“Regional weakness also appears to reflect skepticism about the likely strength of China’s recovery, based on the recent underperformance of Chinese equities,” said Stephen Innes, managing partner at SPI Asset Management. This week will bring updates on U.S. manufacturing and housing and minutes from the last meeting of the Federal Reserve that might provide insights into the outlook for inflation and interest rates.

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