Asian Market Update

Asian markets mostly slipped on Tuesday, following a sell-off in Europe and the United States, as oil prices plunged to more than five-year lows and data indicated Chinese manufacturing activity shrank in December.

The dollar and euro edged lower against the yen after losing pace Monday owing to the uncertainty caused by the weak crude, which has increased pressure on Russia's economy, spooking investors.

Tokyo tumbled 1.80 per cent, Hong Kong lost 0.65 per cent, Sydney slipped 0.39 per cent and Seoul was 0.62 per cent lower, while Shanghai rose 0.55 percent.

In China, banking giant HSBC said its preliminary index of manufacturing activity came in at 49.5 this month, compared with 50 in November. Anything below 50 points to contraction and anything above shows growth.