Asia-Pacific stocks are set for opening declines following Wall Street drop

Asia-Pacific stocks are set for opening declines following Wall Street drop

SINGAPORE — Shares in Asia-Pacific fell on Wednesday morning after overnight losses saw the tech-heavy Nasdaq Composite sliding to a . The in Japan declined 2.15% while the Topix index dropped 1.61%. Shares of robot maker plunged close to 8%. South Korea's shed 1.75%. Australian stocks also traded in negative territory, with the 0.97% lower. Australia's consumer inflation data for the first quarter is set to be out at 9:30 a.m. HK/SIN on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.59% lower. Technology stocks in the region declined in Wednesday trade, with shares of Japanese conglomerate falling 2.83%. In South Korea, shares of Samsung Electronics dropped more than 1% while Krafton shed 3.62%. That mirrored steep losses seen by their peers stateside overnight, with the Nasdaq Composite dropping 3.95% to 12,490.74. The index now sits deeper in bear market territory, at around 23% off its high. Other indexes on Wall Street also saw sizable losses, with the S&P 500 falling 2.81% to 4,175.20. The Dow Jones Industrial Average slipped 809.28 points, or 2.38%, to 33,240.18. Elsewhere, the Covid situation in mainland China may continue to weigh on investor sentiment regionally as authorities stick to a zero-Covid policy.