Asia markets set to rise; RBA expected to cut rates

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Asia markets set to rise; RBA expected to cut rates

Australia, New South Wales, Sydney

Scott E Barbour | The Image Bank | Getty Images

Asia-Pacific markets were set to open mixed Tuesday, a day after ******** President Xi Jinping signaled support to the country’s private sector and urged businesses to “show their “talents.”

Australia’s S&P/ASX 200 started the day up 0.09%, ahead of the Reserve Bank of Australia’s policy decision. Reuters estimates a 25-basis-point rate cut to 4.1%.

The *********** dollar was up 0.05% at 0.635 against the dollar.

Over in Japan, the benchmark Nikkei 225 was set to open slightly lower, with the futures contract in Chicago at 39,160 while its counterpart in Osaka last traded at 39,130, against the index’s last close of 39,174.25.

Futures for Hong Kong’s Hang Seng index stood higher at 22,715 pointing to a stronger open compared to the HSI’s close of 22,616.23.

The Hang Seng tech index, which tracks the 30 biggest technology firms listed in Hong Kong, reversed course from gains last week to drop over 2% Monday after Xi’s comments in a rare closed-door symposium.

Singapore will be holding its first budget under Prime Minister Lawrence Wong later in the day. Analysts are expecting more support for both households and businesses as the city-state gears up for a general election in November.

U.S. markets were closed due to a public holiday. U.S. stock futures were higher late Monday, as the major averages come off from a winning week.

Dow Jones Industrial Average futures advanced 106 points, or 0.2%. S&P 500 and Nasdaq 100 futures climbed 0.2% and 0.2%, respectively.

— CNBC’s Sarah Min contributed to this report.

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