ASIA STOCKS: APAC Equities Off Earlier Highs As Tech Stocks Slip

Asian stocks trimmed earlier gains, and US futures dipped as with Nasdaq futures leading the way as Asian tech stocks ticked lower while traders await more jobs data due later today. The MSCI Asia Pacific Index erased most of its 0.8% rise, with Japan's Nikkei 225 down over 1% while benchmarks in China, Hong Kong and South Korea have also turned lower, Australian & New Zealand tech stocks are higher following Blackstone announcing they are buying Airtrunk in a A$26b deal. Markets remain cautious, particularly due to concerns about AI hype, with Nvidia facing its largest two-day decline since October 2022. JPMorgan downgraded Chinese stocks, citing weak policy support and potential volatility ahead of the US election. Traders are closely watching the US jobs report, which could influence the Fed’s rate cuts later this month.

• China & Hong Kong: CSI300 +0.10%, Banks are the worst performing with CSI 300 Bank Index -0.40%, while Property is the best with the CSI 300 Real Estate Index +1.70%. The HSI is -0.45%, HS Mainland Banks -1.18%, HSTech is -0.40% while HSProp is +1.65%.
• South Korea: Samsung is -0.30%, Sk Hynix is 2.33% after being up over 4% earlier, this follows a 8% drop on Wednesday. The KOSPI is -0.43% while the KOSDAQ is -1.53%.
• Taiwan: TSMC is +1.30%, Hon Hai is -1.90% while the Taiex is -1.10%
• Australia & New Zealand: ASX 200 is 0.16%, with Financials contributing the most to gains, while Tech stocks also trade higher. The NZX 50 is +0.67%.
• In Asia EM, the Thai SET is the top performer up 2%, with most other markets trade little changed.