Monday, 10 December, 2018

European and Asia technology stocks slide after huge losses on Wall Street

Asian stocks slump after losses on Wall Street A woman passes an electronic stock board in Tokyo on Thursday
Priscilla Morrison | 11 October, 2018, 20:35

Markets across Southeast Asia recorded similar declines.

Gold rose as sliding global stock markets prompted risk-wary investors to seek the metal, and a drop in U.S. Treasury bond yields helped push the dollar lower.

It also raised the stakes for United States inflation figures due later on Thursday, as a high outcome would only stoke speculation of more aggressive rate hikes from the Federal Reserve.

Whether the lower reading will quell expectations the Federal Reserve will hike interest rates again in December remains to be seen, said Yousef Abbasi, global market strategist at INTL FCStone in NY.

"Equity markets were pulverized today", with investors in "full out retreat", Stephen Innes of OANDA said in a commentary.

Wall Street's troubles caused turmoil in global markets overnight.

US markets are coming off their steepest losses in eight months. -Chinese tariff fight over Beijing's technology policy.

USA consumer prices rose less than analysts had forecast in September, reducing expectations the pace of inflation is accelerating despite a tightening labor market.

"Equity markets are locked in a sharp sell-off, with concern around how far yields will rise, warnings from the IMF (International Monetary Fund) about financial stability risks and continued trade tension all driving uncertainty", summed up analysts at ANZ. Hong Kong's Hang Seng index shed 3.7 per cent to 25,220.67. The Kospi in South Korea fell 3.6 per cent to 2,148.97. Australia's S&P/ASX 200 slipped 2.7 percent to 5,883.80.

Among the biggest sectoral fallers were oil stocks .SXEP , down 2.3 percent, as oil fell to two-week lows, while banks .SX7P fell 1.9 percent.

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Most sectors in Europe traded in the red, with tech stocks bearing the brunt of selling pressure after the big overnight sell-off in USA technology shares.

The Dow Jones Industrial Average lost 101 points, or 0.4 percent, to 25,497. The Nasdaq composite index was off 43 points beflore climbing the same amount and the S&P 500 was down 15 before edging into positive territory.

Japan's Nikkei fell 4.4 per cent, the steepest daily drop since March, while the broader TOPIX lost around $230 billion in market value.

The Russell 2000 index of smaller-company stocks shed 2.9%, to 1,575.41. Apple slipped by 4.6% while Amazon lost 6.2%. Amazon has soared 50 percent this year, but its stock has fallen 14 percent from its all-time high in early September.

"The valuation of USA stocks, especially tech stocks, is still pretty high and there could be some profit taking actions now", Tan explained.

The dollar rose to 112.34 yen from 112.27 yen late Wednesday.

By 0845 GMT, the euro zone STOXX .STOXXE index fell 1.2 percent, while the UK's FTSE 100 .FTSE was down 1.6 percent, extending its slide as the pound finds support in expectations that Britain would reach a Brexit deal with the European Union.

Brent crude fell 1.9 per cent to $81.51 a barrel, while USA crude dropped 1.7 per cent to $71.93.

A television screen on the trading floor of the New York Stock Exchange shows the plunging numbers for the Dow Jones industrial average, March 22, 2018, as investors feared trade tensions will spike between the USA and China. Brent crude, the global standard, dropped 1.58 dollarsssss to 81.51 dollars a barrel.

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