SINGAPORE — Stocks in Asia-Pacific slipped in Wednesday morning trade as coronavirus infections continue to rise stateside, while oil prices dipped.
Shares in Australia were higher, as the S&P/ASX 200 rose 0.1%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded slightly lower.
On the economic data front, Australia’s consumer price index rose 1.6% in the September quarter as compared to the previous quarter, according to data released Wednesday by the Australian Bureau of Statistics (ABS). The rise in the September quarter followed a “record fall” of 1.9% in the June 2020 quarter, according to the ABS.
Following that data release, the Australian dollar traded at $0.7134, following an earlier low of $0.7111.
Investor sentiment on Wednesday will likely be impacted by the rising number of Covid-19 cases in the U.S.
“Markets remain in a cautious mood given rising hospitalisation rates may require tougher restrictions to contain the spread of COVID-19 and ensure hospitals do not become overwhelmed,” Tapas Strickland, director of economics at National Australia Bank, wrote in a note.
Overnight on Wall Street, the Dow Jones Industrial Average slipped 222.19 points to close at 27,463.19. The S&P 500 slipped 0.3% to finish its trading day at 3,390.68. The Nasdaq Composite bucked the negative trend as it gained 0.6% to close at 11,431.35.