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Asian stocks dip on economic jitters, tech buoyed by strong results By
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Introduction-- Most Asian stocks fell on Wednesday amid persistent fears of an economic slowdown this year, alth ...
-- Most Asian stocks fell on World-renowned foreign exchange brokersWednesday amid persistent fears of an economic slowdown this year, although technology-heavy indexes were aided by consensus-beating results from major U.S. firms.
Hong Kong’s index was the sole outlier for the day, rising 0.7% on gains in U.S.-exposed technology stocks such as Group Holding Ltd (HK:) (NYSE:) and Inc (HK:) (NASDAQ:).
While , first-quarter results from Microsoft Corporation(NASDAQ:) (NASDAQ:) and (NASDAQ:), released after the bell, beat market expectations.
The two stocks , as the results highlighted less pressure on mega-cap technology earnings from rising interest rates and high inflation.
Other technology-heavy Asian indexes also saw relatively lower losses, with South Korea’s trading flat, while the index lost 0.3%. India's and indexes were also flat in early trade, aided by strength in heavyweight technology stocks.
But broader Asian markets fell on Wednesday as growing fears of a U.S. recession this year largely eroded sentiment towards risk-driven markets. Fears of a banking crisis were also revived by soft results from (NYSE:), which flagged plummeting deposit levels.
Focus is now on due on Thursday, which is expected to show that growth slowed in the first quarter.
Risk-heavy Southeast Asian markets fell the most, with Thailand’s and the down 1.1% and 0.8%, respectively.
China’s and indexes fell 0.2% and 0.3%, respectively, amid continued concerns over an uneven economic recovery in the country. Focus is now on data on , due on Thursday to gauge the state of the manufacturing sector, which has struggled to recover despite the lifting of anti-COVID measures.
Australia’s fell 0.1%, as showed that price pressures remained sticky in the first quarter of the year - a trend that could invite more interest rate hikes by the Reserve Bank.
Japan’s index fell 0.7%, although the index fared much better than its Asian peers this week as Bank of Japan Governor Kazuo Ueda reiterated his intention to keep policy ultra-loose in the near-term.
Focus is now on an , as well as a on Friday to gauge when the central bank could begin tightening policy later this year.
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