Asia-Pacific Stocks Moves Lower After A Downbeat Trading Session In New York

Asia-pacific stock market

New York’s downbeat trading session saw US stock indexes decline for the third day in a row, and that action might affect the Asia-Pacific equity markets today.

The Nasdaq- 100 Index (NDX) fell 1.13%, while the benchmark S&P 500 closed 1.10% lower. According to the Conference Board’s August survey and rosy US labor market data, hardened Federal Reserve rate hike bets have boosted US consumer confidence.

The Chinese economic data to be released might reverse market sentiment across the APAC region if it inches towards an upside. China’s National Bureau of Statistics (NBS) will report purchasing managers’ index (PMI) data for August at 01:30 GMT.

Analysts expect a slight increase to 49.2 from 49.0, which would still leave the country’s manufacturing sector in contraction with a reading under 50.

New Zealand also released its economic data earlier today, alongside the July data for building permits. Building permits for July increased by5% at a month-over-month pace. The Reserve Bank of New Zealand’s (RBNZ) aggressive rate hiking scheme has suppressed the New Zealand housing market, which already had historically elevated prices.

Japan is also set to release industrial production, housing starts, and retail sales data fot the last month this morning.  NZD/USD outlook appears bearish as prices track below key moving averages.

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