Asian shares kicked off Wednesday on the back foot, following an uninspiring lead from Wall Street.
Overnight, U.S. stocks chalked up a three-session losing streak as investors worried about an eventual hike in U.S. interest rates, while Apple’s shares hit their lowest in over six months. The blue-chip Dow shed 0.3 percent, while the S&P 500 and Nasdaq Composite slipped 0.2 percent each. For the day, investors may turn their attention to the China Caixin General Services Purchasing Managers Index (PMI) due at 9.45 local time.
Meanwhile, Indonesia’s growth report card for the April-June quarter could spell further trouble for Southeast Asia’s largest economy as the rupiah hovers near 17-year lows. A Reuters poll of economists estimated annual gross domestic product (GDP) around 4.6 percent, weaker than the 4.7 percent in the first three months of the year. That would mark the country’s slowest pace of growth since the third quarter of 2009, during the Global Financial Crisis.