Free Trial

Tech Headwinds Limit Gains

EQUITIES

Regional equity markets are mostly in the green, although headwinds in the tech space have taken the shine off what would have been a fairly positive end to the week for Asia Pac bourses. Intel's disappointing earnings update has kept US futures in the red for the whole session. We were last around -0.55% for Nasdaq futures, while Eminis are down -0.25% at this stage.

  • Reports that Japan and the Netherlands will join the US in curbing technology related exports to China has also weighed on sentiment in the tech space.
  • The HSI is back to flat for the session, after opening up higher. Semiconductor related names have fallen, although the HSI Tech sub index is still up 0.33% at this stage (yesterday we rose 4.26%, while the Golden Dragon index was up strongly in US trade for Thursday.
  • Optimism around China re-opening, with strong anecdotes of travel and related expenditure through the LNY period is providing an offset.
  • The Nikkei 225 is around flat at this stage as well, while the Kospi is +0.70%, but is off earlier highs. The Kospi is comfortably through the simple 200-day MA.
  • Indian shares are down with the main indices off by around 1% at this stage. Adani shares continue to fall, after the recent short-seller report, while bank names are also down today.

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.