U.S. key inflation data awaits as Asia-Pacific markets are poised to open mostly higher.
- On Tuesday, Asia-Pacific markets will open with mixed sentiment, mirroring the unpredictable performance of the U.S. market the previous night as investors anticipate crucial inflation figures.
- The consumer price index for July, which is a crucial gauge of the U.S. economy's health, is eagerly anticipated by traders on Wednesday.
- In Asia, investors will closely watch Japan's corporate earnings index and Singapore's second-quarter GDP report.
On Tuesday, Asia-Pacific markets will open with mixed sentiment, mirroring the unpredictable performance of the U.S. market the previous night as investors anticipate crucial inflation figures.
The S&P 500 ended the day unchanged at 5,344.39, while the Nasdaq Composite rose 0.21% to finish at 16,780.61, driven by gains of 4% in tech shares. Meanwhile, the Dow Jones Industrial Average dropped 140 points or 0.36% to close at 39,357.01.
The consumer price index for July, released on Wednesday, will be closely watched by traders as a gauge of the U.S. economy's health. Investors will scrutinize the data to determine if the Federal Reserve can start reducing interest rates in September.
In Asia, investors will closely watch Japan's corporate good price index on Tuesday. According to Reuters, economists predict a 3% increase in July compared to 2.9% in June. The CGPI measures the changes in the prices of goods traded within the corporate sector.
In addition to evaluating Singapore's second-quarter GDP reading, traders will also consider the economists' forecast of 2.7% year-on-year growth, which is lower than the 2.9% growth recorded in the first quarter.
The S&P/ASX 200 is predicted to open level at 7,759, slightly below its previous close of 7,813.7.
The futures market in Japan is expected to open stronger, with the Chicago futures contract at 35,625 and the Osaka futures contract at 35,300, compared to the previous close of 35,025.
The Hang Seng index futures in Hong Kong were slightly higher at 17,144 compared to the HSI's previous close of 17,111.65.
—CNBC's Brian Evans and Tanaya Macheel contributed to this report.
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