Stocks in Australia traded lower on Tuesday morning amid concerns about the global outlook, after the International Monetary Fund (IMF) slashed its world economic forecast on Monday.
The ASX 200 slipped almost 0.2 percent in early trade, despite most sectors seeing some gains. The heavily-weighted financial subindex Down Under declined more than 0.5 percent as shares of the country’s so-called Big Four banks saw losses. Australia and New Zealand Banking Group slipped 0.46 percent, Commonwealth Bank of Australia declined 0.89 percent, Westpac fell 0.53 percent and National Australia Bank shed 0.36 percent.
Meanwhile, futures also pointed to a cautious start for Japan’s Nikkei 225. The Nikkei futures contract in Chicago was at 20,735 while its counterpart in Osaka was at 20,740. The benchmark index last closed at 20,719.33.