SINGAPORE – Shares of the Asia-Pacific market plunged on Friday as a volatile trading weekend drew to a close and investors watched as Chinese benchmark debt rates unfolded.
The Chicago and Osaka Nikkei futures contracts were both at 26,380, lower than the Nikkei 225’s last close of 26,402.84.
Australia’s SPI futures were also prepared to open lower at 7,048, compared to the S & P / ASX 200’s last 7,064.5.
Chinese electric vehicle maker Nio is set to start business in Singapore, with its shares listed on a third exchange.
In other developments in the coming days, China is expected to lower its benchmark debt rate, according to a survey by Reuters analysts.
Overnight on Wall Street, the major U.S. stock index fell as the S&P 500 moved closer to a beer market. Investors fear the Fed’s rise could push the United States into recession.
The S&P 500 fell 0.58% to 3,900.79, while the Dow Jones Industrial Average fell 236.94 points, or 0.75%, to 31,253.13. The Nasdaq Composite was down 0.26% at 11,388.50. The move follows a sharp drop on Wednesday.
The US dollar index, which tracks the greenback against a basket of its peers, ended at 102.724, falling above 103 earlier this week.
The Japanese yen continued to strengthen and was last at 127.69 per dollar, while the Australian dollar was at 70 0.7044.