South Korea PPI, Hyundai India IPO

October 21

South Korea PPI, Hyundai India IPO

A customer places a Japanese 10,000 yen banknote on a checkout counter while making a purchase at an Akidai YK supermarket in Tokyo, Japan, on Monday, June 27, 2022.

Kiyoshi Ota | Bloomberg | Getty Images

Asia-Pacific markets are mostly set to open lower on Tuesday, trailing a mixed session on Wall Street.

During the day, two U.S. Federal Reserve officials had spoken about the trajectory of interest rates.

Minneapolis Fed President Neel Kashkari, noting the U.S.’ resilient economy and strong labor market, said the longer term trajectory for interest rates could be higher than it has in the past.

Dallas Federal Reserve President Lorie Logan said she supports the current move to lowering interest rates, but that a patient approach will be needed.

In Asia, investors are set to see a light day in terms of economic data.

Investors will be watching the 278.56 billion rupee ($3.3 billion) trading debut of Hyundai India on the country’s stock exchange, which is reportedly poised to be India’s largest ever IPO.

Australia’s S&P/ASX 200 started the day down 1%, while futures for Hong Kong’s Hang Seng index stood at 20,386 pointing to a weaker open compared to the HSI’s last close of 20,478.46.

In contrast, Japan’s benchmark Nikkei 225 is set to rise, with the futures contract in Chicago at 39,165 and its counterpart in Osaka at 39,140 against the index’s last close of 38,954.6.

Overnight in the U.S., stocks ended mixed as Treasury yields rose and investors awaited new earnings reports.

The S&P 500 slipped 0.18% and the 30-stock Dow lost 0.8%, and snapped a three-day run of winning sessions.

The Nasdaq Composite was the outlier, rising 0.27%.

— CNBC’s Pia Singh and Sarah Min contributed to this report.

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