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The Asia-Pacific equity markets were in red on Wednesday as investors cautiously awaited Nvidia’s earnings report, a key event for the AI sector. Markets also reacted to data showing Australia’s monthly CPI indicator came in hotter than expected in July.
The Japan (NKY:IND) -0.02%. The Nikkei 225 Index fell on Wednesday, and the Japanese yen traded around 144 per dollar, hovering near its strongest levels in three weeks.
Moreover, Bank of Japan Deputy Governor Ryozo Himino said the central bank will adjust the degree of monetary accommodation if the outlook for economic activity and prices are realized.
China (SHCOMP) -0.47%. The Shanghai Composite fell 0.3% on Wednesday as economic uncertainties in China continued to pressure domestic equities.
Meanwhile, signs of tensions between China and the West grew after Canada said it would impose a 100% tariff on imports of Chinese EVs and 25% on steel and aluminum, following the lead of the US and EU.
Hong Kong (HSI) -0.94%. The Hong Kong index slipped in early trade on Wednesday, ending gains from the prior two sessions, as all sectors fell.
India (SENSEX) -0.06%.
Australia (AS51) -0.29%. The S&P/ASX 200 Index fell on Wednesday, sliding for the second straight session as hotter-than-expected monthly inflation data reinforced a hawkish outlook on Reserve Bank of Australia monetary policy.
Total construction work done in Australia was up 0.1% quarter-on-quarter to AUD 64.93 billion in Q2 of 2024, missing market forecasts of a 0.7% rise.
In the U.S., on Tuesday, all three major indexes ended higher as investors awaited Nvidia’s earnings report and the PCE index Friday.
U.S. stock futures were sluggish: Dow +0.03%; S&P 500 -0.01%; Nasdaq -0.16%.
Markets are looking forward to a slew of economic data this week, including the PCE index, the Fed’s preferred inflation gauge, and the second estimates of Q2 GDP figures.
Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).
