The cautious sentiment in Asia seen during the Tuesday session continued through the U.S. trading day, with stocks slipping stateside and oil falling nearly 2 percent in the last session.

In contrast to a slew of Chinese data points missing forecasts on Tuesday, economic reports released overnight in Europe was more upbeat. The 0.8 percent third-quarter growth print in Germany topped the 0.6 percent forecast in a Reuters poll.

In response, the common currency spiked as high as $1.1805 in the last session — its highest levels in almost three weeks. At 6:48 a.m. HK/SIN, the euro traded at $1.1798.

Elsewhere, U.S. Senate Republicans on Tuesday said their tax plan will involve the repeal of the Obamacare individual mandate that requires most Americans to have some form of health coverage. Markets are concerned about whether or not the tax plans can be passed before the year ends.

Investors also awaited the release of U.S. CPI and retail sales data due Wednesday during American hours.

Stateside, equities closed lower in the last session as investors worried about the progress of U.S. tax reforms.

The Dow Jones industrial average lost 0.13 percent, or 30.23 points, to close at 23,409.47, as shares of General Electric tumbled for the second consecutive session to close down 5.89 percent. Meanwhile, the S&P 500 shed 0.23 percent to end at 2,578.87 and the Nasdaq composite sank 0.29 percent to finish the session at 6,737.87.

In Asia, futures indicated yet another lower open for Japanese equities. Nikkei futures traded in Chicago and Osaka were down 0.3 percent at 22,310 compared to the benchmark index’s previous close of 22,380.01.

Down Under, the S&P/ASX 200 edged down 0.2 percent in early trade after closing lower by 0.88 percent in the last session.

“Shell’s exit from the Woodside register [on Tuesday] proved to be one of the leading catalysts for a bout of profit taking on the Australian stock market,” Ric Spooner, chief market analyst at CMC Markets, said in a note.

Freeport-McMoRan shut the access road to its copper mine in Papua, Indonesia, following a shooting incident on Tuesday, Reuters reported. That road had been closed just days earlier on Sunday following previous shooting incidents.

Japanese banks were also in the spotlight after Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group reported quarterly earnings on Tuesday. Of note, several of Japan’s largest banks said they would be cutting costs by reducing headcount or turning to automation, Reuters said.

The dollar index, which tracks the U.S. currency against six major currencies, was softer as the euro strengthened. The index stood at 93.820 at 7:03 a.m. HK/SIN, compared to levels around the 94 handle seen earlier this week.

Oil prices took a tumble on Tuesday after the International Energy Agency reduced its projection for oil demand for this year and the next.

Brent crude futures lost 1.5 percent to settle at $62.21 per barrel and U.S. crude fell 1.9 percent to settle at $55.70.

Here’s the economic calendar for Wednesday (all times in HK/SIN):

• 12:00 p.m.: Indonesia October traded data
• 12:30 p.m.: Japan industrial production