Asia-Pacific stocks fall after Dow sees worst drop since October

SINGAPORE — Shares in Asia-Pacific fell in Tuesday morning trade following an overnight tumble for stocks on Wall Street that saw the Dow Jones Industrial Average plunging more than 700 points.

In Japan, the Nikkei 225 slipped 0.89% while the Topix index fell 1.05%. South Korea’s Kospi declined 0.55%.

The S&P/ASX 200 in Australia dropped 1.06%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.27% lower.

China is set to announce its latest benchmark lending rate later on Tuesday. Majority of traders and analysts in a snap poll expect no change to both the one-year Loan Prime Rate (LPR) or five-year LPR, according to Reuters.

Markets in Indonesia, Malaysia and Singapore are closed on Tuesday for holidays.

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The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.879 after a recent bounce from below 92.8.

The Japanese yen traded at 109.50 per dollar, stronger than levels above 110.5 seen against the greenback last week. The Australian dollar changed hands at $0.7343, off levels around $0.738 seen yesterday.

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.48% to $68.94 per barrel. U.S. crude futures advanced 0.72% to $66.9 per barrel.

(With Inputs from cnbc)

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