SINGAPORE — Stocks in Asia-Pacific largely declined in Tuesday morning trade, as various firms downgraded China’s GDP forecasts.
Goldman Sachs on Tuesday slashed its China GDP growth expectations to 7.8%, down from the 8.2% previously forecast.
Nomura also expected China’s GDP to grow by 7.7% this year, down from a previous forecast of 8.2%.
South Korea’s Kospi slipped 0.81%. SK Innovation shares jumped nearly 2% after the firm announced a plan with Ford Motor to invest more than $11 billion in new U.S. facilities to produce electric vehicles and batteries.
Australia’s retail sales fell 1.7% on a seasonally adjusted basis in August, data from the country’s Bureau of Statistics showed Tuesday. That was higher than market forecasts for a 2.5% decline, according to Reuters.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.29% lower.
Overnight stateside, the Dow Jones Industrial Average climbed 71.37 points to 34,869.37 while the S&P 500 shed 0.28% to 4,443.11. The Nasdaq Composite dipped 0.52% to 14,969.97.
The mixed moves on Wall Street came as the 10-year Treasury yield briefly crossed 1.5% on Monday, its highest since June. It later retreated from those levels and last sat at 1.4802%. Yields move inversely to prices.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.491 — off levels above 93.4 seen recently.
The Japanese yen traded at 111.11 per dollar following a weakening from below 110.6 against the greenback yesterday. The Australian dollar changed hands at $0.727 after yesterday’s bounce from below $0.726.
Oil prices were little changed in the morning of Asia trading hours, with international benchmark Brent crude futures slipping about 0.1% to $79.47 per barrel. U.S. crude futures traded little changed at $75.46 per barrel.