PT Solid Gold Berjangka | Asia Stocks Drop as Tech Drags, China in Focus
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Solid Gold Berjangka | Here’s a summary of the key points from the article:
- Stocks in Asia fell after tech heavyweights dragged down US indexes ahead of Federal Reserve Chair Jerome Powell’s testimony to Congress.
- Equity benchmarks edged lower in Japan, South Korea, and Australia. Hong Kong indicated gains after a slump on Tuesday.
- Investors are closely watching the development of China’s congress after official announcements of an ambitious 5% growth target.
- US benchmark indexes lost traction after a rally, raising concerns about high valuations.
- The S&P 500 dropped 1%, while the Nasdaq 100 slipped almost twice as much. Tesla Inc. extended a two-day selloff to 11%, while Apple Inc. suffered its fifth straight loss. Contracts for US equities advanced in early trading.
- The Golden Dragon Index of US-listed Chinese shares fell for a second day on Tuesday.
- Chinese equity markets may see rising volatility, particularly for stocks traded overseas, after a budget plan announced at the National People’s Congress meeting that was seen as disappointing by some analysts.
- Market participants were generally underwhelmed by the messaging about economic support from the central government.
- In Japan, the nation’s biggest bank expects the Bank of Japan to exit negative interest rates in two weeks and is positioning itself accordingly.
- Mitsubishi UFJ Financial Group Inc.’s view is more definitive than the swap market, which rates the chances of BOJ Governor Kazuo Ueda changing policy this month at about 50%.
- S&P 500 futures were little changed, and Hang Seng futures rose 0.2%. Japan’s Topix was little changed, while Australia’s S&P/ASX 200 fell 0.2%.
This summary gives a snapshot of the recent movements in Asian and US markets, as well as some key factors driving these changes.