Latest News Australian stocks set to trade lower following overnight Wall...

Australian stocks set to trade lower following overnight Wall Street drop; Japan markets closed

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Stocks in Australia were set to trade lower at the open following overnight losses on Wall Street.

The SPI futures contract was at 5,754.0, as compared to the S&P/ASX 200’s last close at 5,822.60. 

Markets in Japan are closed on Tuesday for a holiday.

In corporate developments, logistics firm ZTO Express is set to price its Hong Kong listing on Tuesday, as it looks to become the latest U.S.-listed Chinese company seeking to debut in the city.

Investor reaction to the overnight drop in stocks stateside will be watched. The Dow Jones Industrial Average fell 509.72 points, or 1.8%, to close at 27,147.70. The S&P 500 lost 1.2% to finish its trading day at 3,281.06. The Nasdaq Composite closed just 0.1% lower at 10,778.80. 

Monday’s declines on Wall Street marked the first time since February that the S&P 500 posted four straight daily losses. The Dow, meanwhile, had its worst day since Sept. 8.

“In grasping for the facts that fit the market figures, there seems little doubt that amongst them are the averse trends in covid-19 infection rates in several big European countries and too the United States — trends which have become more painfully evident since late last week — and the associated prospect of more draconian social distancing measures (whether self-imposed or mandated),” Ray Attrill, head of foreign exchange strategy at National Australia Bank, wrote in a note.

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Attrill’s comments came as analysts warned that European countries are likely to impose more restrictions on public life in the coming days amid a rapid rise in the number of daily coronavirus infections.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 93.656 after earlier surging from levels below 93.3.

The Japanese yen traded at 104.67 per dollar after weakening from levels below 104.4 against the greenback yesterday. The Australian dollar was at $0.7227 following yesterday’s drop from levels above $0.73.

Here’s a look at what’s on tap:

  • Hong Kong: ZTO Express prices Hong Kong listing

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