China benchmark lending rate, Wall Street losses

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SINGAPORE — Shares in the Asia-Pacific markets were set to fall on Friday as a volatile trading week comes to a close and investors watch for the release of China’s benchmark lending rate.

The Nikkei futures contract in Chicago and Osaka were both at 26,380, lower than the Nikkei 225’s last close at 26,402.84.

Australia’s SPI futures were also poised for a lower open at 7,048, compared to the S&P/ASX 200’s last close of 7,064.5.

Chinese electric vehicle maker Nio is set to start trading in Singapore, the third exchange its shares are listed on.

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In other developments in the day ahead, China is expected to cut its benchmark lending rates, according to a Reuters poll of analysts.

Overnight on Wall Street, major U.S. stock indexes fell, with the S&P 500 moving closer to a bear market. Investors fear that the Fed hikes could tip the U.S. into a recession.

The S&P 500 fell 0.58% to 3,900.79, while the Dow Jones Industrial Average dropped 236.94 points, or 0.75%, to 31,253.13. The Nasdaq Composite was down 0.26% to 11,388.50. Those moves followed sharp drops on Wednesday.

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