Sydney city skyline, New South Wales, Australia.
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Stocks in the Asia-Pacific were set to trade mixed on Tuesday, after Wall Street extended losses as investors digested last week’s economic data that showed there’s more room for the Federal Reserve to hike rates further.
In Australia, the S&P/ASX 200 fell 0.12% as investors await Reserve Bank of Australia’s rate decision. Economists polled by Reuters are expecting a 25 basis point hike. Australia’s traded data is also slated to be released later in the day.
The Nikkei futures contract in Chicago was at 27,705 while its counterpart in Osaka was at 27,680 against the Nikkei 225’s last close at 27,693.65.
In corporate earnings, Japan’s Softbank Group, Nintendo will report third quarter earnings. South Korea’s SK Innovation and KB Financial Group will also publish its quarterly results. Yum China will also release its fourth quarter and full year results.
The Nasdaq Composite led losses overnight as investors grew increasingly cautious of rising bond yields. The Dow Jones Industrial Average and the S&P 500 also closed lower. Treasury bond yields rose overnight, with the benchmark 10-year yield up by nearly 11 basis points at 3.64%.
– CNBC’s Alex Harring, John Melloy contributed to this report