Asia-Pacific stocks set to trade lower after overnight Wall Street drop; China inflation data ahead

  • An overnight drop stateside left the tech-heavy Nasdaq Composite down 10% over the last three days.
  • Chinese inflation data for August is expected, with the consumer price index and producer price index for that month set to be out at around 9:30 a.m. HK/SIN on Wednesday.
  • AstraZeneca said a late-stage trial of its Covid-19 vaccine candidate has been put on hold due to safety concerns. That came following a suspected serious adverse reaction in a participant in the United Kingdom, according to STAT News.

Markets in Asia-Pacific were set to see opening declines after shares on Wall Street tumbled overnight stateside.

Futures pointed to a lower open for Japanese stocks, with the Nikkei futures contract in Chicago down 22,905 while its counterpart in Osaka was at 23,010. That compared against the Nikkei 225's last close at 23,274.13.

Shares in Australia were also poised to slip, with the SPI futures contract at 5,888.0, as compared to the S&P/ASX 200's last close at 6,007.80.

Investor reaction to overnight declines on Wall Street will be watched. The Nasdaq Composite dropped 4.1% to close at 10,847.69. Tuesday's drop put the tech-heavy Nasdaq down 10% over the past three days. The Dow Jones Industrial Average plunged 632.42 points, or 2.3%, to end its trading day at 27,500.89. The S&P 500 slid 2.8% to close at 3,331.84.

On the economic data front, Chinese inflation data for August is expected, with the consumer price index and producer price index for that month set to be out at around 9:30 a.m. HK/SIN on Wednesday.

Meanwhile, AstraZeneca said a late-stage trial of its Covid-19 vaccine candidate has been put on hold due to safety concerns. That came following a suspected serious adverse reaction in a participant in the United Kingdom, according to STAT News.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 93.445 following its rise earlier this week from levels below 93.0.

The Japanese yen traded at 106.04 per dollar after an earlier high of 105.82 against the greenback. The Australian dollar changed hands at $0.7207 after falling from levels above $0.726 yesterday.

Here's a look at what's on tap:

  • China: Consumer price index and producer price index for August at 9:30 a.m. HK/SIN

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