Asia-Pacific markets likely to open lower as traders evaluate data and tech earnings

Asia-Pacific markets expected lower open on Wednesday, evaluating Australian business data, U.S. tech earnings, and awaiting Japan PMI. Tech and EV stocks impact anticipated.

As the midweek session begins, Asia-Pacific markets are showing a predominantly lower trend. Traders are carefully evaluating a series of significant factors including Australia's July business activity data, tech earnings from the U.S., and the forthcoming Japan PMI readings. The market is particularly attentive to any potential impact on tech and EV stocks following the recent second-quarter earnings reports from U.S. tech giants Alphabet and Tesla.

Evaluation of Futures

Futures for Australia's S&P/ASX 200 are indicating a lower start, standing at 7,952, a slight decrease from the previous close of 7,971.1. Australia witnessed a deceleration in private sector activity in July, with the composite purchasing managers' index dropping to a six-month low of 50.2, down from 50.7 in June, as reported by Juno Bank.

Turning to Japan, the Nikkei 225 futures are pointing to a weaker market opening, with the futures contract in Chicago at 39,435 and the counterpart in Osaka at 39,430, down from the previous close of 39,594.39.

Hong Kong's Hang Seng Index Futures

In Hong Kong, Hang Seng index futures are marginally higher at 17,474, compared to the HSI's last close of 17,469.36. Meanwhile, in the U.S., the S&P 500 experienced a marginal dip of 0.16%, closing at 5,555.74, following a strong performance the previous day. The Nasdaq Composite also declined by 0.06%, while the Dow Jones Industrial Average lost 0.14%. The market is under the influence of several determining factors and is likely to witness cautious trading as the day unfolds.

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