Stocks to open lower as Wall Street rally fizzles
The momentum in Japan markets were largely driven by the country’s technology and financial sector.
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Asia-Pacific stock markets mostly fell Wednesday, tracking losses on Wall Street as the U.S. postelection rally stalled overnight.
Asian traders assessed corporate goods data out of Japan, which showed year-on-year producer price growth, or wholesale inflation, in October reached its highest since July last year at 3.4%.
That was higher than the 3% growth expected by economists polled by Reuters, and the 2.8% rise in September.
Japan’s Nikkei 225 fell 1.66% to end at 38,721.66, while the Topix declined 1.21% to 2,708.42.
South Korea’s Kospi fell 2.64% to finish at 2,417.08, while the Kosdaq Index lost 2.94% to end 689.65.
Australia’s S&P/ASX 200 dropped 0.75% to end at 8,193.4.
Hong Kong’s Hang Seng Index was down 0.45% as of its last hour of trade, while mainland China’s CSI 300 rose 0.62% to close at 4,110.89.
Investors have been assessing what the re-election of Donald Trump in the U.S. could mean for Chinese equities and Beijing’s stimulus policy.
Overnight in the U.S., stocks fell with both the tech-heavy Nasdaq and the S&P 500 snapping five-day win streaks.
The Dow Jones Industrial Average dropped 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 marginally lower at 19,281.40.
Small-cap stocks, perceived as possible beneficiaries of Donald Trump’s return as U.S. president, were largely under pressure, with the Russell 2000 sliding about 1.8%.
— CNBC’s Brian Evans and Alex Harring contributed to this report.
