Investing.com - Asia-Pacific indices opened lower on Wednesday, following a slight dip in US stocks. Investors are carefully scrutinizing a barrage of corporate earnings reports.
Within the first half hour of trading, the S&P/ASX 200, KOSPI 200, and Nikkei 225 fell by 0.3%, 0.7%, and 0.5%, respectively.
North American markets demonstrated a flurry of activity beneath the surface, despite relatively calm stock indices on Tuesday. The NASDAQ Composite, S&P 500, and Dow Jones Industrial Average all recorded minor losses. Investors' attention was drawn back to fundamentals as a series of corporate earnings reports were released.
United Parcel Service Inc (NYSE:UPS) stocks took a hit, falling 12% after reporting weaker-than-expected revenue and a reduced outlook. On the other hand, Spotify Technology SA (NYSE:SPOT) saw a 12% surge following its second consecutive quarterly profit.
In the commodities markets, US oil prices fell to their lowest level since June 7 due to lackluster fuel demand, while copper futures retreated for the seventh consecutive day.
In China, shares fell, impacted by liquor and semiconductor stocks. Investors are hoping for more support measures from Beijing after the Third Plenum failed to provide detailed plans to boost the ailing economy. The Shanghai Composite Index closed 1.65% lower, the Shenzhen Composite Index dropped 2.6%, and the ChiNext Price Index lost 3.0%.
Hong Kong shares also closed lower, with the Hang Seng Index down 0.9%, while the Nikkei Stock Average in Japan ended flat. India's Sensex dropped 0.1% following the government's budget announcement, which included plans to increase capital gains taxes.
In Europe, UK stocks slipped, with the FTSE 100 Index declining 0.4%. Other European markets demonstrated mixed results, with Germany's DAX rising 0.8%, the STOXX Europe 600 Index up 0.1%, and France's CAC 40 losing 0.3%.