BEIJING, CHINA – MARCH 4: Hosts pour tea for Chinese President Xi Jinping, center-left, and other leaders at the opening session of the Chinese People's Political Consultative Conference, or CPPCC, 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 bring together leaders and lawmakers to set the government's agenda for local economic and social development for the year. (Photo by Kevin Fryer/Getty Images)
Kevin Fryer | Getty Images News | Getty Images
Asia-Pacific markets fell as the “two-session” meeting began in China, with investors awaiting its economic plans after it forecast a GDP growth target of “around 5%” for 2024.
The country also expects inflation to rise to “about 3%.”
Separately, the Caixin Services PMI reading for China will be released later today.
On the economic data front, investors will also evaluate South Korea's revised GDP numbers for the fourth quarter of 2023, as well as inflation numbers from the Japanese capital, Tokyo.
in Australia, Standard & Poor's/ASX 200 It fell for the second day in a row after hitting a record high on March 1, falling 0.15% in early trading.
Japan Nikki 225 It fell below the 40,000 mark after crossing that milestone on Monday, down 0.34%, while the Topix fell 0.3%.
South Korea's Kospi fell by 0.26%, and the small-cap Kosdaq fell by 0.52%.
Hong Kong Hang Seng futures were at 16,368, indicating a weaker open compared to the HSI's close of 16,595.97.
On the commodities front, gold futures settled at a record high on Monday as traders bet that the Federal Reserve will begin 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 United States, all three major indices fell with Standard & Poor's 500 And Nasdaq Composite from all-time highs, although technology stocks linked to the artificial intelligence boom saw a rally.
The S&P 500 fell 0.12%, while the Nasdaq Composite fell 0.41%. The Dow Jones Industrial Average lost 0.25%.
CNBC's Sarah Main and Alex Haring contributed to this report
