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Asian Equities Head Lower On Weak Tech Earnings

ASIA STOCKS
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Asian markets are mostly lower today, following losses on Wall Street and disappointing earnings from major tech companies. US equity futures have seen a sudden drop with little in the way of headlines driving the move. Elsewhere the yen strengthened ahead of next week’s BoJ meeting, with speculation about a potential rate hike, weak business data from Japan and Australia, coupled with uncertainty around central bank policies is also affecting investor sentiment. In Taiwan, stock trading is suspended due to Typhoon Gaemi, while Philippines were also closed due to a Typhoon.

  • Japanese equities are lower today following unimpressive earnings results from major US tech companies, particularly Alphabet and Tesla, set off a slump in electronics makers and telecom names. Equity prices were also affected by discussions around potential rate cuts although only about 30% of analysts predict that the BOJ will hike interest rates on July 31, while the yen edged higher. The Nikkei is 1.10% lower, while the Topix is down 1.20%.
  • South Korean are mixed today, Pharma stocks are the top performers although weaker tech stocks particular Samsung are weighing on the market.. The Kospi is currently trading 0.60% lower, while the Kosdaq trades 0.30% higher.
  • Taiwan equity markets are closed today due to Typhoon Gaemi, Taiex futures are pointing to a 0.80% fall in the index with the Philadelphia SE Semiconductor Index falling 1.46%, and weak tech prices post the NY close contributing to the losses.
  • Australian equities are a touch lower today, the ASX 200 is down 0.20% with gains in Consumer Discretionary and Health Care stocks offset by losses in Metals & Mining and Energy stocks. Earlier, Judo Bank preliminary July PMIs suggest that the economy barely grew at the start of Q3 with services growth mildly positive but manufacturing continuing to contract. In New Zealand equities are 0.50% led higher by Health care stocks.
  • In EM Asia most markets are lower with Singapore's Straits Times down 0.10%, Malaysia's KLCI down 0.43% & Indonesia's JCI down 0.36%, while India's Nifty 50 is down 0.05%
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Asian markets are mostly lower today, following losses on Wall Street and disappointing earnings from major tech companies. US equity futures have seen a sudden drop with little in the way of headlines driving the move. Elsewhere the yen strengthened ahead of next week’s BoJ meeting, with speculation about a potential rate hike, weak business data from Japan and Australia, coupled with uncertainty around central bank policies is also affecting investor sentiment. In Taiwan, stock trading is suspended due to Typhoon Gaemi, while Philippines were also closed due to a Typhoon.

  • Japanese equities are lower today following unimpressive earnings results from major US tech companies, particularly Alphabet and Tesla, set off a slump in electronics makers and telecom names. Equity prices were also affected by discussions around potential rate cuts although only about 30% of analysts predict that the BOJ will hike interest rates on July 31, while the yen edged higher. The Nikkei is 1.10% lower, while the Topix is down 1.20%.
  • South Korean are mixed today, Pharma stocks are the top performers although weaker tech stocks particular Samsung are weighing on the market.. The Kospi is currently trading 0.60% lower, while the Kosdaq trades 0.30% higher.
  • Taiwan equity markets are closed today due to Typhoon Gaemi, Taiex futures are pointing to a 0.80% fall in the index with the Philadelphia SE Semiconductor Index falling 1.46%, and weak tech prices post the NY close contributing to the losses.
  • Australian equities are a touch lower today, the ASX 200 is down 0.20% with gains in Consumer Discretionary and Health Care stocks offset by losses in Metals & Mining and Energy stocks. Earlier, Judo Bank preliminary July PMIs suggest that the economy barely grew at the start of Q3 with services growth mildly positive but manufacturing continuing to contract. In New Zealand equities are 0.50% led higher by Health care stocks.
  • In EM Asia most markets are lower with Singapore's Straits Times down 0.10%, Malaysia's KLCI down 0.43% & Indonesia's JCI down 0.36%, while India's Nifty 50 is down 0.05%