Asian Stocks Slump as Tech Stocks Drag Down Wall Street and China Moves Erode Confidence

Asian Stocks Slump as Tech Stocks Drag Down Wall Street and China Moves Erode Confidence

Asian stocks fell on Tuesday as tech stocks led a tech-led retreat on Wall Street, while Chinese markets showed mixed response to Beijing’s latest measures to restore investor confidence. The Nasdaq 100 dropped almost 1% and the S&P 500 slid below 5,000, snapping a four-day winning streak. The focus is also on Nvidia Corp.’s earnings due later Wednesday, where traders will be looking for confirmation the company can meet the lofty expectations set by the artificial-intelligence boom.

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Nvidia sank more than 4% in the run-up to its results, where traders will be looking for confirmation the company can meet the lofty expectations set by the artificial-intelligence boom. “The company’s results have become the biggest of the reporting period, acting as both a macroeconomic barometer and the proverbial canary in the coal mine for the artificial intelligence boom,” said Kyle Rodda, senior market analyst at Capital.Com Inc., referring to Nvidia. “The bar for an upside surprise is set high,” with its valuation at eye-watering levels, he said.

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Meanwhile, Chinese markets showed mixed response to Beijing’s latest measures to restore investor confidence. Hong Kong-listed Chinese firms rose 1.6% after opening lower, while the CSI 300 Index of mainland shares shed 0.2%. China’s two main bourses froze the accounts of a major quantitative hedge fund for three days after the money manager dumped a large amount of shares within a minute Monday. Meantime, banks also ramped up funding help for the troubled property sector.
An index tracking Asian equities declined as much as 0.5%, snapping a four-day winning streak, dragged by losses in Japan, South Korea and Australia. Tokyo’s Nikkei 225 index dropped 0.9% to 32,681.31, while the Kospi in Seoul lost 0.4% to 2,537.69. The Shanghai Composite index pulled back 0.5% to 3,105.54, while the S&/ASX 200 fell 0.4% to 7,154.50.

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Source : yahoo finance

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