Asia-Pacific stocks trade lower after U.S. stocks decline overnight
Asia-Pacific stocks fell in early Tuesday trade, following a sell-off in tech stocks that weighed down major U.S. indexes overnight.
Japan’s Nikkei 225 declined around 0.97% while the Topix moved 0.6% lower. South Korea’s Kospi fell 0.57%.
In Australia, the ASX 200 inched down 0.43%.
U.S. markets fell overnight as investors exited Big Tech stocks including Microsoft and Apple. The Nasdaq Composite suffered the largest loss, falling by 2.5%.
China’s inflation data for April will be on investors’ watchlist. Analysts polled by Reuters expect Chinese consumer prices rose 1% last month from a year ago, accelerating from 0.4% in March.
China is also expected to release results of its once-in-a-decade population census.
Elsewhere in the region, Southeast Asian countries Malaysia and the Philippines are scheduled to report first-quarter gross domestic product data.
Analysts in a Reuters poll expect Malaysia’s economy to shrink 2% in in the January-to-March quarter compared with a year ago and the Philippine economy to contract 3% in the same period.
Reference: CNBC
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