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Asia Pacific stocks set to trade lower as investors await China's loan prime rates

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China is set to announce its benchmark lending rate at its August fixing on Thursday, expected at around 9:30 a.m. HK/SIN. Majority of the participants in a Reuters survey expected no change to both the one-year loan prime rate (LPR) and five-year LPR.

Futures pointed to a lower open for stocks in Japan. Both the Nikkei futures contracts in Chicago and Osaka were at 23,080. That compared against theShares in Australia were also set to dip. The SPI futures contract was at 6,102.0, as compared to theMeanwhile, China is set to announce its benchmark lending rate at its August fixing on Thursday, expected at around 9:30 a.m. HK/SIN.

Majority of the participants in a Reuters surveyFederal Open Market Committee members agreed at their latest meeting in late July that the ongoing situation surrounding the coronavirus pandemic could "weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term," according to the meeting minutes. The U.S. central bank kept rates unchanged last month.

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