SINGAPORE — Stocks in Asia-Pacific looked set for a lower start on Wednesday as a surge in coronavirus cases in countries like India weighs on the economic outlook and investor sentiment.
Futures pointed to a lower open for Japanese stocks. The Nikkei futures contract in Chicago was at 28,645 while its counterpart in Osaka was at 28,610. That compared against the Nikkei 225’s last close at 29,100.38.
Shares in Australia also looked poised to decline. The SPI futures contract sat at 6,911, as compared with the S&P/ASX 200’s last close at 7,017.80. Australia’s preliminary retail sales data for March is expected at 9:30 a.m. HK/SIN.
Markets in India are closed on Wednesday for a holiday. The coronavirus situation in the country remains severe, with 259,170 new daily infections registered on Tuesday. The World Health Organization warned Friday that global Covid infection rate is approaching its highest level ever.
Investors will monitor reopening plays like airlines after their counterparts tumbled overnight stateside. United Airlines shares plummeted more than 8% after the company reported a fifth consecutive quarterly loss. CEO Scott Kirby said it is still unclear when international and business travel will recover.
Overnight on Wall Street, the Dow Jones Industrial Average dropped 256.33 points to 33,821.30 while the S&P 500 declined 0.68% to 4,134.94. The Nasdaq Composite shed 0.92% to 13,786.27.
Currencies
The U.S. dollar index, which tracks the greenback against its peers, was at 91.241 following a drop from above 91.6 earlier this week.
The Japanese yen traded at 108.09 per dollar, still stronger than levels above 109.2 against the greenback seen last week. The Australian dollar changed hands at $0.7722, lower than levels above $0.777 seen yesterday.
Here’s a look at what’s on tap:
- Australia: Preliminary retail sales data for March at 9:30 a.m. HK/SIN
Source: CNBC