BEIJING, CHINA – MARCH 4: Hosts pour tea for Chinese President Xi Jinping, centre left, and other leaders at the opening session of the CPPCC, or Chinese Peoples Political Consultative Conference, at the Great Hall of the People on March 4, 2024 in Beijing, China. China’s annual political gathering known as the Two Sessions will convene leaders and lawmakers to set the government’s agenda for domestic economic and social development for the year. (Photo by Kevin Frayer/Getty Images)
Kevin Frayer | Getty Images News | Getty Images
Asia-Pacific markets fell as China’s “Two Sessions” meeting got under way, with investors watching out for its economic plans after it projected a GDP growth target of “around 5%” for 2024.
The country also expects the inflation rate to increase to “around 3%.”
Separately, the Caixin services purchasing managers’ index reading for China will be released later in the day.
On the economic data front, investors also will assess South Korea’s revised GDP numbers for the fourth quarter of 2023, as well as inflation figures from Japan’s capital city of Tokyo.
In Australia, the S&P/ASX 200 retreated for a second straight day after hitting a record high on March 1, falling 0.15% in early trade.
Japan’s Nikkei 225 fell below the 40,000 mark after crossing that milestone on Monday, down 0.34%, while the Topix slipped 0.3%.
South Korea’s Kospi also slipped 0.26%, and the small-cap Kosdaq shed 0.52%.
Futures for Hong Kong’s Hang Seng index stood at 16,368, pointing to a weaker open compared with the HSI’s close of 16,595.97.
On the commodities front, gold futures settled at a record high on Monday as traders bet the Federal Reserve will start cutting interest rates in the second half of the year. Futures reached $2,126.30, before falling slightly to $2,115.38 per ounce currently.
Overnight in the U.S., all three major indexes retreated with the S&P 500 and Nasdaq Composite off all-time highs, despite technology stocks tied to the artificial intelligence boom seeing a rally.
The S&P 500 shed 0.12%, while the Nasdaq Composite slipped 0.41%. The Dow Jones Industrial Average lost 0.25%.
— CNBC’s Sarah Min and Alex Harring contributed to this report
