SINGAPORE — Stocks in Asia-Pacific slipped in Tuesday morning trade following an overnight tumble on Wall Street.
In Japan, the Nikkei 225 shed 0.88% in early trade while the Topix index fell 1.21%.
South Korea’s Kospi dipped 0.5%. South Korea’s real gross domestic product grew 1.9% in the third quarter as as compared to the previous quarter, according to an advance estimate released Tuesday by the Bank of Korea.
Meanwhile, stocks in Australia dropped, with the S&P/ASX 200 down around 1.3%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.28% lower.
Looking ahead, China’s industrial profits for September are set to be out at around 9:30 a.m. HK/SIN on Tuesday.
Shares of Alibaba in Hong Kong will be watched on Tuesday after Chinese technology giant’s affiliate, Ant Group, set the price for its shares on Monday. Ant Group’s upcoming dual initial public offering in Shanghai and Hong Kong is set to be the biggest listing of all time.
On the earnings front, HSBC is set to announce its results for the third quarter on Tuesday.
Investor sentiment in Asia-Pacific may take a hit from the sharp overnight declines on Wall Street amid a jump in coronavirus infections. Optimism is also fading over the White House striking a stimulus deal with Democrats before the elections.
Overnight stateside, the Dow Jones Industrial Average closed 650.19 points lower, or 2.3%, at 27,685.38. The S&P 500 fell 1.9% to finish its trading day at 3,400.97 while the Nasdaq Composite dipped 1.6% to close at 11,358.94.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.069 after last week’s decline from levels above 93.2.
The Japanese yen traded at 104.74 per dollar after seeing levels around 105 against the greenback yesterday. The Australian dollar changed hands at $0.7119 after seeing levels above $0.713 yesterday.
Oil prices were higher in the morning of Asian trading hours, with international benchmark Brent crude futures up 0.17% to $40.53 per barrel. U.S. crude futures also gained 0.18% to $38.63 per barrel.
Here’s a look at what’s on tap:
- China: Industrial profits for September at 9:30 a.m. HK/SIN
Source: CNBC