Investing.com - The S&P/ASX 200 braces itself for a marginal opening loss following the downward trend of US benchmarks overnight. As of Wednesday morning, ASX 200 Futures indicate a reduced opening with a dip of 0.4% ahead of closely watched GDP data.
Wall Street experienced a tumble on Tuesday as investors expressed concerns over Saudi Arabia and Russia's decision to prolong cuts in oil production which could potentially slow down economic growth.
In commodities trading, Brent crude oil rose by 1.2%, standing at US$90.04 per barrel while gold prices slightly appreciated to US$1,926.28.
On the local bond front in Australia, yields on 2-year government bonds remained stable at 3.83%. However, there was a slight increase seen in 10-year yield rates moving up to reach 4.13%. Yields on U.S Treasury notes went up too with 2-year yield rate recorded at nearly five percent (4.96%) and 10-year yield rate climbing up to 4.26%.
A minor decrease was observed in Australian dollar value sitting lower at $63 .75 cents against its previous close of $63 .78 cents, while the US Dollar Index was at 104.8.
Among Asian markets - Chinese stocks took a hit due to fading optimism regarding Beijing's supportive financial measures, leading to widespread losses within developers and financials sectors. Companies like China Vanke (SZ:000002) dropped by 1.1%, China Merchants Shekou Industrial Zone Holdings (SZ:001979) fell 2.7%. Overall, the Shanghai Composite Index closed 0 .7% lower.
In Hong Kong, the Hang Seng index also saw depreciation, falling by 2.1%, largely because of falling Caixin Services PMI figures for August coupled with long-term growth concerns surrounding the Chinese economy.
Meanwhile, the Japanese stock market performed relatively better, as real estate and electronics sectors outperformed.