Asian stocks fall, positive Chinese data fails to stop global tech sell-off By


© Reuters.

By Gina Lee – Asia-Pacific stocks were down Thursday morning, despite better-than-expected results. A global sell-off of tech stocks spilled over into the region following overnight U.S. losses, with South Korean internet service provider Kakao Corp . (KS 🙂 has fallen by 10% and the Australian payment service company Afterpay (ASX 🙂 has fallen by a maximum of 11%.

China was down 0.69% at 9:42 p.m. ET (2:42 a.m. GMT) and fell 1.18%. Data released earlier today showed it was 53.1 in December.

Investors also continue to digest the divestment of Tencent Holdings (OTC 🙂 Ltd. (HK 🙂 of a stake in Sea Ltd (NYSE 🙂 on Wednesday, fearing other companies might follow suit. The Nasdaq Golden Dragon China Index, which tracks Chinese companies listed in the United States, fell for the fourth day in a row.

Hong Kong’s fell 0.70% as the city tightened restrictive measures on Wednesday.

Japan fell 2.20%, that of December to 52.1. South Korea’s fell 0.32%, with the Korean won falling to its lowest level since July 2020.

in Australia, the decrease of 1.77%.

Investors are also focusing on tightening monetary policies by central banks amid lingering concerns over the threat of the omicron COVID-19 variant to the global economic recovery and corporate earnings. The US Federal Reserve released on Wednesday, which said a strengthening economy and higher inflation could lead to earlier and faster than expected interest rate hikes.

“We prepare people for volatility,” Carol Schleif, deputy director of investments at BMO Family Office, told Bloomberg.

“You have had another record double-digit year and yet the mood of investors is rather gloomy. We definitely believe the volatility readjustment will increase this year as there is a lot to deal with. You’ve got some things stabilized, some things improved, and people are going to be watching both Fed and corporate earnings. “

Meanwhile, St. Louis Fed Chairman James Bullard will speak at an event later today with San Francisco Fed Chairman Mary Daly speaking in a separate panel One day later.

Warning: Fusion media would like to remind you that the data contained in this site is not necessarily real time or accurate. All CFDs (stocks, indices, futures) and Forex prices are not provided by the exchanges but rather by market makers. The prices may therefore not be exact and differ from the actual market price, which means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media assumes no responsibility for any business losses that you may incur as a result of the use of such data.

Fusion media or anyone involved with Fusion Media will not accept any responsibility for any loss or damage resulting from reliance on any information, including data, quotes, graphics and buy / sell signals contained in this website. Please be fully informed about the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investing possible.


About Author

Comments are closed.