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Tech Under Pressure In Asia

EQUITIES

A negative day for equities in the Asia-Pac time zone, all markets in the red and sustaining heavy losses. Markets in Japan, China, Hong Kong and Taiwan are all down over 2.5%.

Asian chipmakers have endured heavy losses after the Philadelphia Semiconductor Index declined for a second day to touch a one-month low on Wednesday. The tone was negative from the open with US markets selling off for the second day.

  • Futures in the US and Europe are negative. The latest round of defensive flows takes the S&P 500 e-mini below the previously flagged support level at 3,785.00, with tech metrics underperforming with NASDAQ 100 e-mini contract acting as a proxy.

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