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Asian Equities Head Lower, Yen Slides, Micron Tech Disappoints

ASIA STOCKS
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Asian markets are trading lower this morning, influenced by a combination of factors. Tokyo stocks opened lower despite gains on Wall Street, with the Nikkei and Topix indices both slipping due to profit-taking after three days of rallies. The yen's significant weakening to a near 38-year low against the U.S. dollar has raised concerns about potential intervention from Japanese authorities. Investors are also closely watching China's May industrial profit numbers and Japan's retail sales data due later today. Additionally, the MSCI Asia Pacific Index is down 0.5%, pressured by declines in tech shares after Micron Technology's disappointing sales forecast.

  • Japanese stocks opened lower, with the benchmark Nikkei 225 index down 1.10% and the broader Topix index slipping 0.62%. This decline comes after three days of rallies, indicating a phase of profit-taking. Despite overnight gains on Wall Street, the weakening of the Japanese yen to a near 38-year low of 160.82 vs the USD has increased market uncertainty, triggering concerns about potential government intervention to stabilize the currency, the pair trades at 160.56 now. Investors are also focusing on upcoming economic data, including China's May industrial profit numbers and Japan's retail sales data, which could influence market direction.
  • South Korea’s Kospi index is 0.55% lower following a two-day gain, driven primarily by stocks trading ex-dividend and a decline in tech shares. The disappointing outlook from Micron Technology led to a slump in tech stocks like Samsung and SK Hynix. Additionally, Hyundai Motor and other major stocks also traded ex-dividend, further dragging down the index. Local funds were the biggest sellers of Kospi stocks, while foreign and retail investors were net buyers. In contrast, the small-cap Kosdaq index saw a modest rise up 0.22%, supported by gains in smaller tech firms.
  • Taiwanese equities faced pressure as tech stocks, particularly in the semiconductor sector, reacted negatively to Micron Technology's sales forecast. Despite an upward revision in consensus earnings estimates for the MSCI Taiwan Index post-Q1 results, the market experienced a pullback. Investors are optimistic about AI-related growth, with TSMC benefiting from booming AI demand. However, the broader market faced headwinds from global tech sector volatility and geopolitical concerns, with Taiwan’s growth outlook remaining positive for the second half of the year.
  • Australian shares are 1.15% lower this morning, mirroring the regional trend. The market is reacting to mixed signals from the US, where major tech stocks fell late in the trading session due to Micron Technology’s outlook. Additionally, job vacancy data showed a 2.7% drop from the month prior , while Consumer Inflations Expectations rose to 4.4% in June from 4.1% in May.
  • Elsewhere, New Zealand equities are 0.75% lower, Singapore equities are 0.10% lower, Malaysian equities are 0.35% lower, Philippines equities are unchanged as we await the central banks interest rate decision later today.
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Asian markets are trading lower this morning, influenced by a combination of factors. Tokyo stocks opened lower despite gains on Wall Street, with the Nikkei and Topix indices both slipping due to profit-taking after three days of rallies. The yen's significant weakening to a near 38-year low against the U.S. dollar has raised concerns about potential intervention from Japanese authorities. Investors are also closely watching China's May industrial profit numbers and Japan's retail sales data due later today. Additionally, the MSCI Asia Pacific Index is down 0.5%, pressured by declines in tech shares after Micron Technology's disappointing sales forecast.

  • Japanese stocks opened lower, with the benchmark Nikkei 225 index down 1.10% and the broader Topix index slipping 0.62%. This decline comes after three days of rallies, indicating a phase of profit-taking. Despite overnight gains on Wall Street, the weakening of the Japanese yen to a near 38-year low of 160.82 vs the USD has increased market uncertainty, triggering concerns about potential government intervention to stabilize the currency, the pair trades at 160.56 now. Investors are also focusing on upcoming economic data, including China's May industrial profit numbers and Japan's retail sales data, which could influence market direction.
  • South Korea’s Kospi index is 0.55% lower following a two-day gain, driven primarily by stocks trading ex-dividend and a decline in tech shares. The disappointing outlook from Micron Technology led to a slump in tech stocks like Samsung and SK Hynix. Additionally, Hyundai Motor and other major stocks also traded ex-dividend, further dragging down the index. Local funds were the biggest sellers of Kospi stocks, while foreign and retail investors were net buyers. In contrast, the small-cap Kosdaq index saw a modest rise up 0.22%, supported by gains in smaller tech firms.
  • Taiwanese equities faced pressure as tech stocks, particularly in the semiconductor sector, reacted negatively to Micron Technology's sales forecast. Despite an upward revision in consensus earnings estimates for the MSCI Taiwan Index post-Q1 results, the market experienced a pullback. Investors are optimistic about AI-related growth, with TSMC benefiting from booming AI demand. However, the broader market faced headwinds from global tech sector volatility and geopolitical concerns, with Taiwan’s growth outlook remaining positive for the second half of the year.
  • Australian shares are 1.15% lower this morning, mirroring the regional trend. The market is reacting to mixed signals from the US, where major tech stocks fell late in the trading session due to Micron Technology’s outlook. Additionally, job vacancy data showed a 2.7% drop from the month prior , while Consumer Inflations Expectations rose to 4.4% in June from 4.1% in May.
  • Elsewhere, New Zealand equities are 0.75% lower, Singapore equities are 0.10% lower, Malaysian equities are 0.35% lower, Philippines equities are unchanged as we await the central banks interest rate decision later today.