Anika Begay
A cargo ship sails to the dock of a foreign trade container terminal in Qingdao Port, Shandong Province, Qingdao, China, June 7, 2024.
Photo by Costfoto | Photo by Nurphoto | Getty Images
Asia-Pacific markets are set to open lower on Wednesday, despite Wall Street’s major averages snapping a three-day losing streak.
The Dow Jones Industrial Average gained 0.76%, while the S&P 500 rose 1.04%. The tech-heavy Nasdaq Composite rose 1.03% to close at 16,366.85.
Sentiment was boosted by a rebound in Japanese stocks on Tuesday, which saw the Nikkei 225 post its best day since October 2008, jumping 10.2%. On Monday, the benchmark suffered its worst session since 1987, on recession fears, falling 12.4%.
Traders in Asia will be weighing July trade data from China, with economists expecting exports to rise 9.7% year-on-year from an 8.6% gain in June. Imports are expected to rise 3.5% in the same period, a reversal from a 2.3% decline in June.
Futures for the Australian S&P/ASX 200 index are trading at 7,615, down from the last close of 7,680.6.
Japan Nikkei225 Futures pointed to a lower open for the market, with the Chicago futures contract at 33,645 and its Osaka counterpart at 33,400, from the previous close of 34,675.46.
Hong Kong Hang Seng Index Futures were at 16,694, up from the HSI’s last close of 16,647.34.
—Vscek’s Hakyung Kim and Samantha Subin contributed to this report.
