Asian stocks succeed in bypassing US tech views: Market down

(Bloomberg) — Asian shares compounded Tuesday’s Wall Side Road challenge to a united future as speculation grew that the tech sector’s rally was also running out of momentum.

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Shares in Japan outperformed the patch, climbing as much as 1.5%. Commitments to US equities rose in Asian buying and selling after several US non-tech sectors closed on Monday. Meanwhile, Nvidia, the chipmaker at the center of the artificial-intelligence revolution, pushed past the technical limits of improvement, posting a three-day turnover of nearly $430 billion.

In Asia, buyers have been seen moving out of production areas to alternative parts of the market. Eastern shares rose as investors bought stocks that have underperformed in recent weeks, including banks. Monetary and consumer stocks have been the largest participants in the regional MSCI AC Asia Pacific index.

“As we approach the end of the quarter, global investors are rebalancing their portfolios, selling assets that have performed well recently,” said Hideyuki Ishiguro, a renowned strategist at Nomura Asset Control Co. And are buying names that have lagged.” Help with the comprehensive topics index, he noted.

Chinese equipment stocks rose after President Xi Jinping instructed scientists and researchers to strengthen technological innovation with a greater sense of urgency, increasing the dominance of alternative countries in some key technologies. Meanwhile, Premier Li Qiang warned in his opening remarks at the Global Financial Forum that regressive activities such as supply chain disruptions were dragging the region into a dangerous spiral.

In alternative news, the US is investigating China Cell, China Telecom and China Unicom over concerns the companies may abuse access to US data through their US cloud and web services by providing it to Beijing, Reuters reports , bringing forward 3 unknown countries. Familiar with the topic.

Among currencies, the yen strengthened, but was still not far from its weakest level in nearly 34 years. The government foreign exchange authority warned that the government was prepared to intervene if necessary, as some buyers saw the yen likely to fall to 170 per dollar. As Treasury became fixated on Asian buying and selling, all the money went towards friends, most of whom were among his 10 employees.

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Following the tech-led rally, Binky Chadha of Deutsche Depot noted that US equities are all set to take a rest. Lori Calvasina at RBC Capital Markets said there is too much information in the markets and if that optimism proves unwarranted, problems could arise. According to John Stoltzfus at Oppenheimer, if the bull market looks sustainable, some profit taking should be expected.

“A decline in the tech sector is certainly possible, even though the sector overall is expected to perform well during the summer months,” said Miller Tabak’s Matt Maley. “Even if you agree with the most bullish scenario of AI incidence for the second half of 2024, neither group moves in a straight line.”

Among commodities, oil led gains as buyers weighed the potential fallout from emerging geopolitical tensions. Gold declined and subsequently gained in the previous session due to a weak US dollar, which increased the attractiveness of the commodity.

Bitcoin later fell 6.6% on Monday. Losses in the crypto market are widening after suffering the second-worst weekly decline of 2024, a reflection of cooling demand and doubts over the financial coverage of the Bitcoin exchange-traded budget.

Key opportunities for this momentum:

• US Convention Board Customer Self-Confidence, Tuesday

• Fed’s Lisa Cook Dinner, Michelle Bowman Discussion, Tuesday

• Sales of unused homes in America, Wednesday

• China trade earnings, Thursday

• Eurozone financial self-confidence, consumer self-confidence, Thursday

• US Strong Commodities, Initial Jobless Claims, GDP, Thursday

• Nike released profits on Thursday

• Japan Tokyo CPI, Unemployment, Business Manufacturing, Friday

• US PCE inflation, spending and sources of revenue, Michigan College Customer Sentiment, Friday

• Fed’s Thomas Barkin speaks, Friday

One of the primary strikes in the markets:

shares

• S&P 500 futures were modestly revised up as of 12:17 p.m. in Tokyo

• Nikkei 225 futures (OSE) rose 0.7%

• Japan’s topics rose 1.4%

• Australia’s S&P/ASX 200 rose 0.9%

• Hong Kong’s Hold Seng rose 0.3%

• Shanghai Composite fell 0.4%

• Euro Stoxx 50 futures fell 0.4%

currencies

• The Bloomberg Buck Spot Index was marginally revised.

• The euro was marginally revised at $1.0739

• The eastern yen rose 0.2% against the greenback to 159.35.

• The offshore yuan was marginally revised up to 7.2784 per dollar

• The Australian buck was marginally revised up at $0.6663

cryptocurrency

• Bitcoin rose 2.8% to $61,119.01

• Ether rose 1.9% to $3,371.92

bond

• The discount on 10-year Treasuries was revised marginally to 4.23%

• Japan’s 10-Year Giveover Complex One Foundation Level 0.995%

• Australia’s 10-year bond fell two basis points to 4.20%

Goods

• West Texas Intermediate crude used to undergo minor modifications

• Spot gold fell 0.3% to $2,327.72 an ounce.

This story was generated with the assistance of Bloomberg Automation.

–With assistance from Toshiro Hasegawa.

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