China inflation data, the Fed, coronavirus in focus

Stocks in Asia Pacific were set to dip at the open on Wednesday, ahead of the release of Chinese inflation data for May.

Futures pointed to a lower open for stocks in Japan. The Nikkei futures contract in Chicago was at 22,925 while its counterpart in Osaka was at 22,870. That compared against the Nikkei 225’s last close at 23,091.03.

Shares in Australia were also set to trade lower, with the SPI futures contract at 6,098, as compared to the S&P/ASX 200’s last close at 6,144.90.

On the economic data front, Chinese inflation data for May is set to be released on Wednesday, with both the Consumer Price Index and Producer Price Index for the month expected to be out at around 9:30 a.m. HK/SIN.

Investors will also await the release of the U.S. Federal Reserve’s economic forecast, expected on Wednesday stateside.

Overnight on Wall Street, the Nasdaq Composite rose 0.29% to hit a record close of 9,953.75. Meanwhile, the Dow Jones Industrial Average dropped 300.14 points, or 1.09%, and snapped its six-session winning streak to close at 27,272.30. The S&P 500 slipped 0.78% to finish its trading day at 3,207.18.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 96.324 after dropping from levels around 97 earlier.

The Japanese yen traded at 107.77 per dollar following its strengthening from levels above 107.8 yesterday. The Australian dollar changed hands at $0.6952 after dropping from levels above $0.696 yesterday.

What’s on tap for Wednesday:

  • China: Consumer Price Index and Producer Price Index for May at 9:30 a.m. HK/SIN

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