Asia-Pacific markets set to open lower after Wall Street continues to slide

The Tokyo Stock Exchange in Japan.

Noriko Hayashi | Bloomberg via Getty Images

Futures in the Asia-Pacific pointed to a lower open on Wednesday after the Dow Jones Industrial Average and S&P 500 posted their third day of losses in the U.S.

Japan’s Nikkei futures contract in Osaka was at 28,450, compared against the Nikkei 225’s last close at 28,452.75.

In Australia, SPI futures were at 6,880, lower than the S&P/ASX 200‘s last close at 6,961.8.

Overnight in the U.S., the Dow slipped 154.02 points, or 0.47%, to 32,909.59. The S&P 500 dropped 0.22% to 4,128.73, and the Nasdaq Composite was slightly lower at 12,381.30.

“Equity markets weakened overnight on relatively light trading as poor manufacturing and housing data weighed on risk sentiment,” ANZ Research said in a Wednesday note.

Federal Reserve Bank of Minneapolis President Neel Kashkari pointed towards supply-side shocks driving “half to two-thirds” of the nation’s high inflation.

“The more help we get from the supply side, the less the Fed has to do, and the better we’re able to avoid a hard landing,” he said, speaking at an event at the University of Pennsylvania. He did add, however, there’s some evidence that supply chains are beginning to normalize.

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