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Asia-Pacific markets set to trade lower following overnight losses on Wall Street

Employees wearing protective masks work in the trading room at the Daiwa Securities Group Inc. headquarters in Tokyo, Japan, on Thursday, Oct. 14, 2021.

Toru Hanai | Bloomberg via Getty Images

SINGAPORE — Asia-Pacific shares were set to trade cautiously on Thursday, following overnight losses on Wall Street.

Futures pointed to a lower open in Japan, where the benchmark Nikkei 225 lost 0.4% in the previous session.

In Australia, the ASX 200 fell 0.3% in early trade as the energy sector lost 1.66% and the heavily-weighted financials subindex slipped 0.53%.

The country’s so-called Big Four banks struggled for gains: Shares of ANZ were down 0.86%, Commonwealth Bank fell 0.87%, Westpac lost 0.58% and the National Australia Bank declined 0.38%.

“Equities were soft overnight on inflation concerns, as UK inflation came in stronger than expected and supply constraints weighed on housing starts in the US,” analysts at ANZ Research said in a morning note.

The U.K.’s Consumer Price Index rose by 4.2% in the 12 months to October, up from 3.1% in September and beating economists’ expectations of 3.9%.

Wednesday’s data is expected to add pressure on the Bank of England to act on interest rates at its December meeting. The central bank held rates steady in November, defying many investors’ expectations that it would be the first major central bank to hike rates following the coronavirus pandemic.

Crude prices down

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