MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.9%, led by a decline of as much as 3.8% in Korean shares. (EPA Images pic)SINGAPORE: Stocks edged lower at the start of Asian trade on Tuesday and oil prices stabilised after the previous session's tumble, with investors on edge ahead of the start of voting for the US midterm elections.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.9%, led by a decline of as much as 3.8% in Korean shares. S&P 500 e-mini futures edged up 0.1%, while Japanese markets are closed for a holiday.
"Tuesday will be nothing more than the day ahead of a much bigger day," ING analysts wrote in a note. By tomorrow, the market will have guidance on the midterm implications and the US Treasury's quarterly refunding announcement, they wrote. The yield on the US 10-year Treasury bond was up 2.1 basis points at 4.913%.
