SINGAPORE — Stocks in Asia-Pacific were lower in Tuesday morning trade following an overnight tumble on Wall Street.
Mainland Chinese stocks declined in early trade, with the Shanghai composite down about 0.1% while the Shenzhen component was fractionally lower. Profits at China’s industrial firms jumped 10.1% year-on-year in September, according to the country’s National Bureau of Statistics.
In Japan, the Nikkei 225 shed 0.27% in morning trade while the Topix index fell 0.38%.
South Korea’s Kospi was below the flatline. 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 1.5%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.31% lower.
Shares of Alibaba in Hong Kong dipped 0.47% in Tuesday morning trade. The moves came after the 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.
Meanwhile, Hong Kong-listed shares of HSBC jumped 1.4% ahead of the firm’s release of its third quarter earnings 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 92.986 after last week’s decline from levels above 93.2.
Oil prices were higher in the morning of Asian trading hours, with international benchmark Brent crude futures up 0.15% to $40.52 per barrel. U.S. crude futures also gained 0.18% to $38.63 per barrel.