Updated from 1:42 a.m. EDT

Asia stocks, a day after rallying strongly on news of the U.S. government's bailout of mortgage companies Fannie Mae ( FNM)and Freddie Mac ( FRE), fell back Tuesday as unease about the slowing global economy remains.

Japan's Nikkei 225 Stock Average closed down 223 points, or 1.8%, to 12,400.65, while the Hang Seng index in Hong Kong fell 311 points, or 1.5%, to 20,482.56.

European shares advanced in early trading. The FTSE 100 index rose 70 points, or 1.3%, to 5,516.60, while the DAX in Germany rose 27 points, or 0.4%, to 6,291.33.

Stock futures in the U.S. turned positive and now indicate a higher opening on Tuesday. Futures for the S&P 500 rose 4 points to 1271.40, and were almost 4 points above fair value. Nasdaq futures rose 7 points to 1768.50, and were 4 points above fair value.

This article was written by a staff member of TheStreet.com.