SINGAPORE – Asia Pacific stocks fell in trading Tuesday morning after Wall Street stocks tumbled overnight, with the Dow Jones Industrial Average plummeting more than 700 points.

In Japan, the Nikkei 225 lost 0.63% while the Topix index lost 0.79%. South Korea’s Kospi lost 0.31%.

Mainland stocks were lower in early trading, with the Shanghai composite falling 0.56% while the Shenzhen component lost 0.18%. Hong Kong’s Hang Seng index was near flattening.

The S & P / ASX 200 in Australia lost 0.37%.

MSCI’s broadest index for Asia Pacific stocks outside of Japan was down 0.19%.

On Tuesday, China left its corporate and household credit benchmark rate unchanged – the one-year loan prime rate (LPR) remained constant at 3.85%, while the five-year LPR was also left at 4.65%. According to Reuters, the majority of traders and analysts in a quick poll expected that both the one-year and five-year LPR would not change.

The markets in Indonesia, Malaysia and Singapore are closed on Tuesday for public holidays.

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Wall Street decline

Overnight in the States, the Dow Jones Industrial Average fell 725.81 points to 33,962.04 while the S&P 500 lost 1.59% to 4,258.49 points. The Nasdaq Composite fell 1.06% to 14,274.98.

The losses on Wall Street came as concerns grew over the potential impact of a Covid resurgence on the global economic recovery. Several countries in Southeast Asia are struggling with infection resurgence, and Goldman Sachs recently lowered its 2021 growth projections for most of the region.

Currencies and oil

The US dollar index, which tracks the greenback versus a basket of its competitors, hit 92.849 after a recent rebound from below 92.8.

The Japanese yen was trading at 109.48 per dollar, stronger than levels above 110.5 against the greenback last week. The Australian dollar changed hands at $ 0.7339, up from $ 0.738 yesterday.

Oil prices were higher on the morning of Asian trading hours, with international benchmark Brent crude oil futures rising 0.52% to $ 68.98 a barrel. US crude oil futures rose 0.74% to $ 66.91 a barrel.