Junkboat of Hong Kong at Night
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Asia-Pacific markets were set to fall Monday, after Wall Street logged its worst session of the year last Friday on lackluster U.S. economic data that pointed to a slowing economy and sticky inflation.
Australia’s S&P/ASX 200 extended losses to a sixth straight session, opening 0.81% lower.
Futures for Hong Kong’s Hang Seng index last traded at 23,397, pointing to a weaker open compared to the HSI’s Friday close of 23,477.92.
Japanese markets are closed for a public holiday.
Singapore is slated to release its inflation numbers for January later in the day. A Reuters’ poll forecasts the city-state’s consumer price index reading at 2.15% year on year, higher than December’s 1.60%.
Meanwhile, the poll estimates that core inflation rate, which strips out accommodation and private transport costs, will expand 1.5% year on year, lower than the 1.8% rise in the month before.
In U.S., the three major averages closed lower on Friday, as fresh data raised investors’ concerns on the economy. Losses also intensified amid fears of further policy moves by U.S. President Donald Trump, who has already proposed a slew of tariffs and other changes within a month of taking office.
The Dow Jones Industrial Average lost 748.63 points, or 1.69%, to close at 43,428.02. Friday’s decline, its worst this year, brought its two-day losses to roughly 1,200 points. The S&P 500 slid 1.71% to end at 6,013.13, marking a second negative session after the index closed at a record on Wednesday. The Nasdaq Composite dropped 2.2%, settling at 19,524.01.
— CNBC’s Brian Evans and Lisa Kailai Han contributed to this report.
