Asia-Pacific stocks set for lower start after S&P 500 snaps 7-day winning streak

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SINGAPORE — Shares in Asia-Pacific were mixed in Wednesday morning trade following losses on Wall Street with the S&P 500 ending its seven-day winning streak.

The Nikkei 225 dropped 1.46% while the Topix index declined 1.08%. South Korea’s Kospi shed 0.45%.

Over in Australia, the S&P/ASX 200 rose 0.17%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.15% lower.

Looking ahead, Chinese electric carmaker Xpeng is set to debut in Hong Kong on Wednesday, with shares priced at 165 Hong Kong dollars ($21.24) each.

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S&P 500 ends winning streak

Overnight on Wall Street, the S&P 500 shed 0.2% to 4,343.54 — snapping a seven-day winning streak.

The Dow Jones Industrial Average fell 208.98 points to 34,577.37 while the Nasdaq Composite closed at a new record, rising 0.17% to 14,663.64.

Oil prices rise

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.51% to $74.91 per barrel. U.S. crude futures advanced 0.48% to $73.72 per barrel.

Oil recently jumped to its highest level in six years after talks between OPEC and its oil-producing allies were postponed indefinitely following a failure by the group to reach an agreement on production on policy for August and beyond.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.54 following a recent bounce from below 92.1.

The Japanese yen traded at 110.48 per dollar, stronger than levels above 110.8 seen against the greenback earlier this week. The Australian dollar changed hands at $0.7493, lower than levels above $0.756 seen yesterday.

— CNBC’s Pippa Stevens contributed to this report.