Asia-Pacific Markets Open Lower as Post-Election Wall Street Rally Eases
Asia-Pacific stock markets opened lower on Wednesday, tracking declines on Wall Street as the post-election rally in the U.S. stalled overnight.
Asian traders were assessing corporate goods data from Japan, which showed year-on-year growth in producer prices, or wholesale inflation, in October hit its highest since July last year at 3.4%.
That was higher than the 3% growth expected by economists polled by Reuters, and a 2.8% increase in September.
Japan’s Nikkei 225 was trading down 0.5% at the open, while the Topix was down 0.3%.
South Korea’s Kospi was down 1.1%, while the Kosdaq Composite Index was down 1.4%.
Australia’s S&P/ASX 200 was down 1.4%.
Hong Kong's Hang Seng Index futures were at 19,631, lower than the HSI's last close of 19,846.88.
Overnight in the U.S., stocks fell with the tech-heavy Nasdaq and S&P 500 snapping five-day winning streaks.
The Dow Jones Industrial Average fell 382.15 points, or 0.86%, to 43,910.98, while the S&P 500 fell 0.29% to close at 5,983.99. The Nasdaq Composite ended the session slightly lower at 19,281.40.
Small-cap stocks, seen as potential beneficiaries of Donald Trump's return as U.S. president, were mostly under pressure, with the Russell 2000 down about 1.8%
Source: CNBC
