Market Overview

Wall Street Decline Weighs On Asian Markets

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Wall Street Decline Weighs On Asian Markets

Major U.S. indices fell on Tuesday led by bank stocks after big bank earnings failed to impress the market as the day ended, with Dow Jones declining 0.55%, S&P 500 falling 0.63%, and Nasdaq 100 closing 0.10% lower. Halt in vaccine trials and stimulus talks added to market worries. Topping this, IMF warned about uneven recoveries from COVID-19 in emerging economies, which will widen the gap between rich and poor nations.

Dow Jones and S&P 500 futures are trading 0.34% and 0.44% higher early Wednesday at press time, but markets across Asia are in red.

Japan's Nikkei 225 index is trading 0.02% lower at press time after opening the day marginally higher. Top bank stocks and airlines are leading the decline. The industrial production for Japan grew 1% month-over-month in August missing the consensus of 1.7%.

China's Shanghai Composite index has shed 0.50% at publication time led by a decline in energy, consumer discretionary, and financials. Investors will be watching September's Consumer Price Index and Producer Price Index due late Wednesday.

Hong Kong's Hang Seng index is trading 0.16% lower led by financials and real estate shares. No major economic events are due on Wednesday.

Australia's S&P/ASX 200 index has declined 0.13% at press time as financial and industrial stocks drag the index lower. It's a rich day for Australia's economic data with inflation and unemployment numbers in focus late Wednesday. Reserve Bank of Australia Governor Philip Lowe is due to speak as well.

India's Nifty 50 index is trading 0.74% lower led by bank and technology stocks. Wholesale Price Index data for September is due for release Wednesday.

South Korea's KOSPI index has shed 0.68% after the Bank of Korea kept the interest rates unchanged at 0.50% on Tuesday. Korea's September trade balance data is due late Wednesday.

U.S. Dollar index futures (USD measured against a basket of five major currencies) is trading flat at 93.547. Dollar has gained a marginal 0.02% against the Japanese Yen at 105.44 and 0.10% against the Chinese Yuan to 6.7387.

ETFs To Watch: Vanguard FTSE Emerging Markets ETF (NYSE: VWO) and SPDR Portfolio Emerging Markets ETF (NYSE: SPEM).

 

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