Asia Pacific stocks set to lower start after overnight sell off on Wall Street

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SINGAPORE – Asia Pacific stocks looked lower Thursday after the US Federal Reserve’s minutes of its meetings were released in July, following overnight losses on Wall Street.

Futures indicated a lower open for Japanese stocks. The Nikkei futures contract was trading at 27,405 while its Osaka counterpart was trading at 27,400. This is compared to the Nikkei 225’s last closing price at 27,585.91.

Australian stocks also appeared to be slipping, with the SPI futures contract trading at 7,378.0 versus the last closing price of the S & P / ASX 200 at 7,502.10. The Australian job data for July is due to be released on Thursday at 9:30 a.m.

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Overnight, the Dow Jones Industrial Average on Wall Street fell 382.59 points to 34,960.69 while the S&P 500 lost 1.07% to 4,400.27. The Nasdaq Composite lost 0.89% to 14,525.91.

Those losses came when the minutes of the Federal Reserve’s meeting in July showed that officials were planning to slow the pace of their monthly bond purchases, likely before the end of the year.

“Looking to the future, most participants noted that they believed it might be appropriate to start slowing asset purchases this year, provided the economy performs as expected,” the minutes read .

Currencies

The US dollar index, which tracks the greenback versus a basket of its competitors, hit 93.136 after a recent surge from below 92.8.

The Japanese yen was trading at 109.79 per dollar, still weaker than the levels below 109.5 seen against the greenback earlier this week. The Australian dollar changed hands at $ 0.7237 after falling above $ 0.73 earlier in the week.

– CNBC’s Jeff Cox contributed to this report.