Live news: Asian equities decline after Fitch cuts US debt rating

Gaurav Gupta’s designs are shown on stage during India Couture Week. The annual showcase of Indian apparel concludes in New Delhi on Wednesday © Fashion Design Council of India

Events: India’s Supreme Court is expected to begin hearing applications challenging the abrogation of Article 370 of the constitution, which bestowed special status on the then state of Jammu and Kashmir. In 2019, India reorganised the Muslim-majority area as two directly administered territories, Jammu and Kashmir and Ladakh. India Couture Week 2023, organised by the Fashion Design Council of India and Hyundai India, concludes in Delhi.

Indicators: South Korea’s July consumer price index is expected to show that inflation slowed further and is likely to drop to 1.8 per cent by the end of the year. Bank of Thailand is expected to raise its policy rate by 25 basis points to 2.25 per cent. Fitch analysts said the increase reflects the central bank’s recent “hawkish rhetoric” despite a sharp decline in price pressures. New Zealand releases the latest employment data, Australia provides a services purchasing managers’ index update and Singapore issues a manufacturing PMI.

Companies: China’s Kweichow Moutai and India’s Bharti Airtel release quarterly figures.

Markets: Futures in Tokyo and Hong Kong pointed lower on Wednesday morning. US stocks declined on Tuesday after economic data suggested that elevated interest rates were weighing on the economy. The S&P 500 closed 0.3 per cent lower, while the Nasdaq Composite dropped 0.4 per cent.

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