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India WPI inflation, Japan shunto

Beautiful and colorful aerial view of Mumbai skyline during twilight seen from Currey Road, on February 16, 2022 in Mumbai, India.

Pratik Chorge | Hindustan Times | Getty Images

Asia-Pacific markets are set for a mixed open after Wall Street’s tech-fueled rally dissipated, with Nvidia falling 1.1%, Meta slipping 0.8% and Apple dropping 1.2%.

On Thursday, investors will assess India’s wholesale inflation, while also monitoring any news coming out of Japan’s spring wage negotiations.

Japan’s wage negotiations wrapped up on Wednesday, with the first overall estimate due out on Friday. Reports from local outlets have indicated that large firms offered “major” wage hikes.

Strong wage increases could clear the way for the Bank of Japan to start unwinding its ultra easy monetary policy, with the central bank due to meet Monday and Tuesday.

Japan’s Nikkei 225 is set to fall following these reports as markets price in the possibility of the BOJ tightening policy. The futures contract in Chicago was at 38,460 and its counterpart in Osaka at 38,310 against the index’s last close of 38,695.97.

Futures for Hong Kong’s Hang Seng index stood at 17,155 pointing to a stronger open compared to the HSI’s close of 17,082.11.

In Australia, the S&P/ASX 200 started the day down 0.12%.

Overnight in the U.S., major indexes ended mixed after February U.S. inflation data came in about in line with expectations.

“I think it was a relief to see the [headline] CPI number yesterday, but people are still cautious about the underlying data,” said Ayako Yoshioka, senior portfolio manager at Wealth Enhancement Group. “In the short-term, the macro narrative around the Federal Reserve is going to be the front and center issue.”

The S&P500 closed 0.19% lower, while the Nasdaq Composite lost 0.54%. In contrast, The Dow Jones Industrial Average added 0.1%.

— CNBC’s Brian Evans and Jesse Pound contributed to this report.

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