Free Trial

Apple Demand Concerns Hits Regional Tech Sentiment

EQUITIES

Asia Pac equities are down across the board, particularly in the tech related space. Only Indonesia's JCI has managed to hold gains today within the region. Sentiment was hurt early on a BBG headline, noting that that Apple has “ditched” an iPhone production increase on the back of faltering demand.

  • This sent US futures lower across the 3 major contracts. At one stage Nasdaq futures were off by 1.3%. We are away from worst levels but still in the red. The next level of technical support for the S&P 500 contract comes in at the round number of 3,600.
  • The spill over to tech plays in Asia has been evident. The Nikkei 225 is off around 2%, while HSI is down over 2.3%, dragged by a 2.76% fall in the etch sub index.
  • The Kospi has fared slightly worse, down by close to 3%, the TWSE around 2.15%.
  • Mainland China bourses are down, but have outperformed on a relative basis. The Shanghai Composite is off by 0.75%. A China Developer, CIFI Holdings, was down sharply though on fresh debt concerns. The company is the China's 13th largest building.
  • Australian stocks are down by 0.7%, with energy related names helping drive outperformance.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.