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Japanese stocks lead losses in Asia after U.S. stocks fell

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SINGAPORE — Futures in the Asia-Pacific are pointing to a lower open on Tuesday after Wall Street slipped overnight.

The Nikkei futures contract in Chicago was at 26,625 while its counterpart in Osaka was at 26,590. That compared against the Nikkei 225’s last close at 26,812.3.

SPI futures in Australia were at 6,521, lower than the S&P/ASX 200‘s last close at 6,602.2.

Tuesday is quiet on the data front, but investors will look ahead to the upcoming U.S. inflation report and China GDP report later this week. The Bank of Korea will also meet this week.

In company news, Japanese automaker Toyota Motor on Monday said it was extending the suspension of one production line at its Motomachi plant to investigate the cause of a recall for one of its models.

About 4,000 units will be affected by the suspension, and the global production plan will not be changed, the company said.

In the U.S., major indexes fell ahead of earnings season.

The Dow Jones Industrial Average lost 164.31 points, or 0.52%, to close at 31,173.84. The S&P 500 slipped 1.15% to 3,854.43, and the Nasdaq Composite shed 2.26% to 11,372.60.

Electric vehicle maker Nio’s U.S.-listed shares slid nearly 9% overnight on Covid concerns in China.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, broke above 108 and was last at 108.021.

The Japanese yen traded at 137.35 per dollar, after weakening past 137 against the greenback on Monday. The Australian dollar weakened sharply this week, and was last at $0.6740.

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