Asian stocks stumbled after four consecutive days of gains as uncertainty over Federal Reserve interest-rate cuts and stretched technology valuations weighed on sentiment. The MSCI Asia Pacific Index dropped 1.3%, with tech firms such as SK Hynix Inc. leading declines, after comments from Fed officials damped expectations for a December rate cut. The pullback capped a week in which stocks had rallied on hopes that the end of the US government shutdown would revive key economic data releases. Global equities are heading for a fourth weekly rise in five. Chinese shares held their losses after weak economic data. Brent crude jumped as much as 3% on mounting risks to Russian flows from Ukrainian military strikes and US sanctions. The pound slid against all Group-of-10 currencies, as the UK Chancellor Rachel Reeves considers dropping plans to raise the headline rates of income tax at the coming budget. The moves dealt a fresh blow to risk sentiment, highlighted by heavy selling in high-flying tech giants amid mounting valuation concerns. Beneath the surface, some investors pointed to a rotation into more defensive sectors. With optimism over the US government’s reopening largely priced in, traders are now focusing on the upcoming wave of economic data, as the chances of a December Fed rate cut slip below 50%. Elsewhere, US President Donald Trump is readying substantial tariff cuts designed to address high food prices and a series of new trade deals as he seeks to address voter concerns over the cost of goods. US equity-index futures were little changed, while contracts indicated European shares will have a modest drop.
A gauge of Asian technology stocks fell 2.5%, heading for its second straight weekly decline. South Korea’s Kospi — a poster child for the artificial intelligence boom — tumbled 3%. Tech stocks have been under pressure recently as investors balanced optimism over technological advances with concerns over stretched artificial intelligence valuations. Wall Street chief executives have also adopted a more cautious tone recently, as the market’s gains since April’s slump have become increasingly concentrated in a handful of stocks, prompting some investors to warn of “froth” in the AI sector. Chief Greater China Economist at Bank of America, Helen Qiao, discusses the state of China’s economy. Investors will soon test those lofty valuations when Nvidia Corp., the world’s most valuable company at $4.5 trillion, reports earnings next week. The stock has jumped 39% this year, outpacing both the S&P 500 and the Nasdaq 100. With Trump signing the legislation to end the longest shutdown in US history, investor attention is now turning to the slew of economic data that’s due to flow out. Even so, the October jobs report will skip the unemployment rate as the household survey wasn’t conducted, US top economic adviser Kevin Hassett told Fox News. Some traders are also concerned that the omission of key data may bolster arguments for Fed officials to stand pat. Currently, traders are pricing in about an even chance that the Fed will hold or cut rates in December. Chair Jerome Powell said last month that a reduction is “not a foregone conclusion,” with the decision to be premised on incoming information. In separate statements, Fed Bank of St. Louis President Alberto Musalem said officials should move cautiously on rates with inflation running above target, while Cleveland counterpart Beth Hammack noted policy should remain “somewhat restrictive.” Minneapolis Fed President Neel Kashkari said he didn’t support the last cut and is undecided about December. In the commodities market, gold and silver traded higher, with both on course for substantial weekly gains, aided in part by expectations that the Fed may reduce rates again next month. Gold held close to $4,200 an ounce, up about 5% this week. Silver’s five-day advance was more than 10%. US After Hours STUB -20.3%, WYFI -11.9%, AMAT -4.3%, GLOB -3% lower on earnings; WBD +3% on review of strategic alternatives following bids; UAA +1% expands restructuring plan.
Nikkei -1.78% Hang Seng -1.45% CSI -1.15% Shanghai -0.60% Shenzen -0.92%
Eur$ 1.1643 CNH 7.0946 CNY 7.0942 JPY 154.44 GBP 1.3147 CHF 0.7921 RUB 80.5511 TRY 42.3251 WTI$ 59.65 +1.62% Gold 4,187 +0.38% BTC 97,682 -1.24% ETH 3,177 +0.10% SOL 142.50 +0.27%
S&P -0.08% Nasdaq -0.19% EuroStoxx -0.28% FTSE -0.54% Dax +0.12% SMI -0.52%
Macro :
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- US Approves Possible Foreign Military Sale to Taiwan for $330m
- Goldman Sees China Power Push Giving It Edge Over US in AI Race
- BlackRock moves to take on hedge fund giants
Keep an eye on :
Keep an eye on :
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