Fri. Sep 24th, 2021

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Asian shares set to dip as investors await key data

1 min read
asian market

Asian shares looked set to open lower on Tuesday as investors shifted focus to upcoming data and central bank meetings although positive developments around potential COVID-19 vaccines and increased deal activity are likely to stem losses.

Australia’s S&P/ASX 200 futures were down 0.22% and Hong Kong’s Hang Seng index futures <.HSI> lost 0.08%. Japan’s Nikkei 225 futures were flat after Chief Cabinet Secretary Yoshihide Suga won a ruling party leadership election, paving the way for him to succeed Prime Minister Shinzo Abe.

E-mini futures for the S&P 500 gained 0.11%.

On the economic data front, China’s industrial production and retail sales for August are expected to show an improving economy later on Tuesday. Chinese house price data for August is also due.

U.S. retail sales figures from August are due Wednesday.

Investors will also look to central banks for direction, with the U.S. Federal Reserve starting a two-day policy meeting on Tuesday, the first since unveiling a landmark shift to a more tolerant stance on inflation in August. The Bank of Japan and the Bank of England announce their respective policy decisions on Thursday.

MSCI’s broadest index of Asia-Pacific shares outside Japan ended up 1.06%.

The Dow Jones Industrial Average closed up 1.18% and the S&P 500 rose 1.27% while the tech-heavy Nasdaq Composite added 1.87%.

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