Waterfront city skyline of Sydney city downtown at night with bright illumination of modern architectural landmarks in Sydney, Australia.
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Asia-Pacific markets were set to open higher Tuesday with focus on the Reserve Bank of Australia’s interest rate decision later in the day.
The RBA is expected to hold its cash rate steady at 3.6%, according to a Reuters poll, as high inflation has restricted its ability to loosen monetary policy.
“The Reserve Bank of Australia’s policy meeting on Tuesday is the key event in the Asia-Pacific region,” said Shier Lee Lim, lead FX and macro strategist of APAC in Convera.
“Any shift in tone or forward guidance could move AUD crosses, especially after recent volatility in building approvals, with August expected to show a 2.8% rise following July’s 8.2% drop,” she added.
Futures for Australia’s S&P/ASX 200 stood at 8,910, higher than its last close of 8,862.80.
Hong Kong’s Hang Seng index futures were at 26,735, higher than the HSI’s last close of 26,622.88.
Japan’s Nikkei 225 futures pointed to a higher open, with the futures contract in Chicago at 45,240 and its counterpart in Osaka at 45,120, compared with the previous close of 45,043.75.
Overnight stateside, the three major averages closed higher. The S&P 500 rose as Wall Street regained some of its footing after a week in which the artificial intelligence trade lost a bit of steam.
The broad market index climbed 0.26% to finish at 6,661.21, and the Nasdaq Composite advanced 0.48% to close at 22,591.15. The Dow Jones Industrial Average settled up 68.78 points, or 0.15%, at 46,316.07.
—CNBC’s Sean Conlon and Yun Li contributed to this report.
