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Stocks in Asia were set to open largely flat on Tuesday as concerns over the global economy continued to weigh […]
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Stocks in Asia were set to open largely flat on Tuesday as concerns over the global economy continued to weigh on investor sentiment.
Futures pointed to a muted open for the Nikkei 225 in Japan. The Nikkei futures contract in Chicago was at 20,975, as compared to the benchmark index’s last close at 20,977.11.
Meanwhile, shares in Australia declined in early trade as the ASX 200 slipped around 0.1 percent.
Symbol Name Price Change %Change NIKKEI — HSI — ASX 200 — SHANGHAI — KOSPI — CNBC 100 — Overnight on Wall Street, stocks had a tepid finish as concerns over the global economy lingered. The Dow Jones Industrial Average added 14.51 points to 25,516.83, while the S&P 500 slipped 0.1 percent to 2,798.36 — its first close below 2,800 since March 12. The Nasdaq Composite also pulled back 0.1 percent to 7,637.54.
Worries over the global economic outlook were stoked on Friday and lingered through Monday after the yield curve inverted for the first time in more than a decade. The 3-month Treasury bill yield topped its 10-year counterpart on Friday, thus inverting the yield curve.
Investors consider this to be a signal that a recession may be coming soon. Disappointing economic data released Friday out of Europe, coupled with a downgraded economic outlook from the Federal Reserve, exacerbated those concerns.
The yield curve inverted again on Monday as the benchmark 10-year yield hit its lowest level since December 2017 .
Currencies The U.S. dollar index , which tracks the greenback against a basket of its peers, was at 96.566 after slipping from highs above 96.6 yesterday.
The Japanese yen changed hands at 110.05 against the dollar after seeing highs below 109.9 in the previous session, while the Australian dollar traded at $0.7109 after rising from lows below $0.708 yesterday.
— CNBC’s Fred Imbert contributed to this report.