Asia markets are set to open lower as investors await China loan prime rates

Asia-Pacific markets were set to fall Thursday as investors awaited China's one- and five-year loan prime rates.

The one-year loan prime rate serves as a benchmark for most corporate and household loans, while the five-year rate serves as a peg for property mortgages. The one-year LPR currently stands at 3.45%, while the five-year LPR is at 3.95%.

Earlier this week, the People's Bank of China kept the 1-year medium-term lending facility rate steady at 2.5%.

Japan's Nikkei 225 futures showed a weaker open for the market, with the futures contract in Chicago at 38,370 and its counterpart in Osaka at 38,340 compared to the previous close of 38,570.26

Futures for Australia's S&P/ASX 200 stood at 7,752, slightly lower than its last close of 7,769.7.

Hong Kong Hang Seng index futures were at 18,391, lower than the HSI's last close of 18,430.39.