SINGAPORE — Australian stocks were muted in Wednesday morning trade following an overnight tumble stateside as investors continued to assess the impact of the recently discovered omicron Covid variant.

The S&P/ASX 200 was little changed in morning trade, sitting below the flatline. Australia’s third-quarter GDP data is expected to be out at 8:30 a.m. HK/SIN on Wednesday.

In Japan, the Nikkei futures contract in Chicago was at 27,875 while its counterpart in Osaka was at 27,680. That compared against the Nikkei 225’s last close at 27,821.76.

A private survey on China’s factory activity in November is expected on Wednesday, with the Caixin/Markit manufacturing Purchasing Managers’ Index set to be out at 9:45 a.m. HK/SIN.

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Shares stateside dropped overnight, with the S&P 500 falling 1.9% to 4,567, amid fears over the recently discovered omicron Covid variant. The Dow Jones Industrial Average also plunged 652.22 points to 34,483.72 while the Nasdaq Composite slipped 1.55% to 15,537.69.

Meanwhile, U.S. Federal Reserve Chairman Jerome Powell said the central bank will discuss speeding up the bond-buying taper at its December meeting.


The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 95.906 after a recent drop from above 96.5.

The Japanese yen traded at 113.29 per dollar after a recent weakening from below 113 against the greenback. The Australian dollar was at $0.7126, off levels above $0.715 seen recently.

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