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· Asia stocks slip as China’s inflation data misses expectations; Toyota forecasts profit plunge

Stocks in major Asia Pacific markets were lower on Tuesday, as Chinese inflation data for April missed expectations.

Hong Kong’s Hang Seng index fell 1.48%, as of its final hour of trading.

In Japan, the Nikkei 225 declined 0.12% to close at 20,366.48 while the Topix index slipped 0.26% to end its trading day at 1,476.72. South Korea’s Kospi closed 0.68% lower at 1,922.17.

Mainland Chinese stocks were mixed on the day, with the Shanghai composite down 0.11% to about 2,891.56 while the Shenzhen composite rose 0.332% to around 1,810.73.

In Southeast Asia, Singapore’s Straits Times index declined 0.99% in afternoon trade.

Meanwhile, the S&P/ASX 200 in Australia fell 1.07% to close at 5,403.

Overall, the MSCI Asia ex-Japan index declined 0.95%.

In corporate earnings, Japanese automaker Toyota posted a 1% year-on-year decrease in its operating income for the 2020 fiscal year. In particular, the firm also forecast a 79.5% year-on-year plunge in its operating income for the 2021 fiscal year. Shares of Toyota in Japan slipped 1.97% on Tuesday.

· Japanese shares dip, Toyota drops after earnings warning

Japan’s Nikkei share average slipped from a two-month high on Tuesday as concerns about further waves of coronavirus infections undermined recent optimism on economic re-openings.

Toyota Motor, the biggest Japanese company by market cap, fell 2.0% after the automaker warned its operating profit will fall almost 80% in the current financial year.

The Nikkei share average ended down 0.12% at 20,366.48 points, a day after it hit a two-month high. It has risen 18.7% from a trough hit on March 19.

Investors’ confidence has improved as more governments relax anti-virus measures and try to get economies back on their feet, but news of a rise infections in countries that had appeared to be containing the disease, such as China, South Korea and Germany, dented optimism.

Some market players noted the rally in the market has been based on expectations that the economy would quickly recover after a dismal April-June quarter, though many economists warn it could take much longer.

· Toyota expects profit to drop 80% this year as virus saps car sales

Toyota Motor Corp (7203.T) on Tuesday said it expects profit to drop 80% to its lowest in nine years, as Japan’s biggest automaker grapples with the impact of the novel coronavirus which has sapped global demand for vehicles.

· Shanghai shares ended lower on Tuesday on fears about a second wave of coronavirus infections and as a sharp drop in China’s factory prices underscored the economic impact of the pandemic.

At the close, the Shanghai Composite index was down 0.11% at 2,891.56, trimming some losses after falling 0.59% earlier.

· European markets open slightly lower as concerns rise over a second wave of coronavirus cases

European stocks opened slightly lower Tuesday as investors become increasingly concerned over a second wave of coronavirus cases.

The pan-European Stoxx 600 slipped 0.2% below the flatline in early trade, travel and leisure stocks falling 1% to lead losses while telecoms bucked the trend to climb by 0.7%.

Global markets are closely tracking coronavirus developments after some countries have reported a resurgence in cases.