Asian stocks fall as growth jitters persist, Nikkei rebound fades By Investing.com

From Investing.com: 2024-08-07 23:03:40

Most Asian stocks fell on Thursday amid concerns over economic growth and higher interest rates, with technology stocks leading the rout. U.S. stock index futures also slipped, following a weak Wall Street session. Chinese trade data underwhelmed, impacting regional markets. Nikkei and TOPIX indexes in Japan retreated as recovery efforts stalled.

Japanese stocks struggled on Thursday as the Nikkei and TOPIX indexes failed to sustain a rebound, falling in early trade before paring losses. The Bank of Japan’s hawkish stance on interest rates and underwhelming corporate earnings added to market jitters, with SoftBank Group Corp. reporting an unexpected loss in the June quarter.

Asian tech stocks weakened tracking U.S. peers, especially in the chipmaking sector. South Korea’s KOSPI and Hong Kong’s Hang Seng indexes also drifted lower, with Taiwan’s TSMC, the world’s largest contract chipmaker, dropping 2%.

Chinese stocks dipped further on Thursday after underwhelming trade data showed a shrinking trade surplus in July. Exports unexpectedly contracted, impacted by EU tariffs on Chinese electric vehicles. Broader Asian markets were mostly negative, with Australia’s ASX 200 falling 0.3%. Indian markets were set for a positive open after rebounding from recent losses.



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