Japan stocks set to trade lower as investors await speech from China's Xi

  • Chinese President Xi Jinping is set to deliver a speech in Shenzhen on Wednesday, according to state media reports. That comes as the Shenzhen Special Economic Zone celebrates the 40th anniversary of its establishment.
  • Shares of Apple suppliers in the region will also be watched after the Cupertino-based tech giant unveiled its latest iPhone lineup on Tuesday.

SINGAPORE — Stocks in Japan looked poised to trade lower at the open, as investors in Asia-Pacific await a speech from Chinese President Xi Jinping.

Futures pointed to a lower open for Japanese stocks. The Nikkei futures contract in Chicago was at 23,560 while its counterpart in Osaka was at 23,500. That compared against the Nikkei 225's last close at 23,601.78.

Meanwhile, shares in Australia declined in early trade, with the S&P/ASX 200 down about 0.3%.

Shares of Apple suppliers in the region will also be watched after the Cupertino-based tech giant unveiled its latest iPhone lineup on Tuesday.

Xi speech awaited

China's Xi is set to deliver a speech in Shenzhen on Wednesday, according to state media reports. That comes as the Shenzhen Special Economic Zone celebrates the 40th anniversary of its establishment.

State media outlet Xinhua reported Sunday that the country "unveiled a new comprehensive reform plan for Shenzhen," giving local authorities there a "more direct and greater say in business" in areas such as carrying out market-based economic reforms.

Overnight on Wall Street, the Dow Jones Industrial Average dropped 157.71 points, or 0.6%, to close at 28,679.81. The S&P 500 ended its trading day 0.6% lower at 3,511.93 while the Nasdaq Composite dipped 0.1% to close at 11,863.90.

The declines stateside came on the back of negative coronavirus treatment developments. U.S. regulators paused Eli Lilly's trial of a coronavirus antibody treatment due to safety concerns. That came after Johnson & Johnson's coronavirus vaccine trial was paused after a participant had an unexplained illness.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.531 following levels below 93.3 seen earlier.

The Japanese yen traded at 105.48 per dollar, having seen levels around 105.3 against the greenback earlier in the trading week. The Australian dollar changed hands at $0.7162 following its decline this week from levels above $0.72.

What's on tap:

  • Singapore: Monetary Authority of Singapore's Monetary Policy Statement at 8:00 a.m. HK/SIN

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