Employees work in the trading room inside the Mitsubishi UFJ Trust and Banking head office in Tokyo, Japan, on Tuesday, March 19, 2024.
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Japan stocks were set for a sharp rebound on Tuesday, following an over 12% drop in the Nikkei 225 and the Topix in the previous session. The broader Asia-Pacific market was also set to recover, futures data showed.
Overnight in the U.S., the 30-stock Dow and the S&P 500 notched their worst sessions since September 2022.
The Dow dropped 1,033.99 points to end 2.6% lower, while the S&P 500 slid 3%. The Nasdaq Composite shed 3.43% ending 15% off its closing high.
Futures for Australia’s S&P/ASX 200 stood at 7,576, slightly lower than its last close of 7,649.6.
Japan’s Nikkei 225 futures pointed to an higher open, with the futures contracts in Chicago at 33,645 and its counterpart in Osaka at 33,370 compared to the previous close of 31,458.42. Japan’s Nikkei 225 index saw its largest loss since Black Monday in 1987.
Hong Kong Hang Seng index futures were at 16,781, lower than the HSI’s last close of 16,698.36.
The Reserve Bank of Australia will release its RBA cash rate later today, with economists expecting the rate to remain steady at 4.35%.
—CNBC’s Hakyung Kim, John Melloy and Sarah Min contributed to this report.
Read More: Japan household spending, RBA rate decision