Asian Shares Decline Amid Tech Losses

RTTNews | 128 dni temu
Asian Shares Decline Amid Tech Losses

(RTTNews) - Asian stocks declined on Thursday as China industrial profits data disappointed and the yen's slide past 160-per-dollar prompted fears of government intervention.

Tech stocks resumed declines as U.S. chipmaker Micron Technology beat estimates for third-quarter revenue but offered a somewhat middling outlook on earnings.

The U.S. dollar hit a 38-year high versus the yen and bond yields spiked due to nervousness ahead of a major U.S. presidential debate in Atlanta later in the day and the release of U.S. PCE inflation data on Friday.

Gold edged up slightly to trade above $2,300 per ounce after a two-day decline, while oil prices were marginally lower in Asian trading after data showed a large build in U.S. stockpiles.

China's Shanghai Composite index fell 0.90 percent to 2,945.85 after data showed a sharp slowdown in industrial profit growth in May.

Hong Kong's Hang Seng index tumbled 2.06 percent to 17,716.47, dragged down by tech stocks.

Japanese markets drifted lower as investors remained on high alert for government intervention in the currency market.

Japanese finance minister Shunichi Suzuki reiterated today that authorities are watching the currency market closely and will take appropriate action as needed to help the exchange rate move in a stable manner.

The Nikkei average dipped 0.82 percent to 39,341.54 while the broader Topix index settled 0.33 percent lower at 2,793.70.

Technology stocks underperformed, with Tokyo Electron falling 2.4 percent and Screen Holdings losing 5.7 percent.

Investors ignored data that showed Japan's retail sales rose more than expected in May.

Seoul stocks ended lower after Micron's earnings results. The Kospi average slid 0.29 percent to 2,784.06. Auto and shipbuilding stocks posted strong gains, helping limit losses in the broader market.

Hyundai Motor jumped 2.9 percent and HD Korea Shipbuilding & Offshore Industries surged 4.7 percent.

Australian markets ended lower as rate sensitive stocks declined on growing bets that the Reserve Bank would hike rates in August after a surprise jump in inflation to a six-month high in May.

The benchmark S&P/ASX 200 dropped 0.30 percent to 7,759.60, with banks and real estate stocks leading losses. The broader All Ordinaries index ended 0.25 percent lower at 8,002.80.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended down 0.99 percent at 11,717.43, snapping a two-day winning streak as government bond yields edged higher.

Overnight, U.S. stocks struggled for direction before ending slightly higher as investors awaited key economic data and the Fed's release of results from its annual banking sector stress test.

In economic news, data showed sales of new U.S. single-family homes dropped to a six-month low in May as mortgage rates remain elevated.

The tech-heavy Nasdaq Composite gained half a percent while the S&P 500 edged up 0.2 percent and the Dow finished marginally higher.

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