Asian markets tumble amid geopolitical jitters

By MG News | July 19, 2024 at 09:45 AM GMT+05:00
July 19, 2024 (MLN): Asian shares are set to end the week on a sour note, as uncertainty across the geopolitical landscape and major economies added to headwinds for investors even as the global rate easing cycle gets underway, as Reuters reported.
It has been a turbulent week in markets, with a tech sell-off sparked by deepening Sino-U.S. trade tensions, uncertainty over U.S. President Joe Biden's fate in the presidential race, disappointing Chinese economic data and a lacklustre third plenum outcome casting a shadow over the global mood.
In the foreign exchange market, Tokyo's recent bouts of intervention also kept traders on edge.
"We could just be getting a taste of things to come. And that is more turbulence," said Matt Simpson, senior market analyst at City Index.
MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.1% and was headed for its worst week in over a month with a 2.4% loss.
Japan's Nikkei fell to a more than two-week low and was last down 0.1%, extending its sharp 2.4% fall from the previous session.
The Nikkei looked set to end the week 2.7% lower, also its steepest weekly decline in three months.
Technology stocks continued to struggle, with South Korea's tech-heavy KOSPI index and Taiwan stocks both easing more than 1%.
South Korean chipmaker SK Hynix was last 0.7% lower, though Japan's Tokyo Electron a chipmaking equipment manufacturer, rebounded some 2.6%, after an 8.75% tumble on Thursday.
Shares of Taiwan's TSMC the world's largest contract chipmaker, fell 1.3%, even after the company posted better-than-expected earnings on Thursday and raised its full-year revenue forecast.
In China, investors were left disappointed over the lack of details provided on the implementation steps for achieving the country's economic policy goals after its closely watched plenum on Thursday.
Chinese blue chips fell 0.08% in early trade, while the Shanghai Composite Index edged 0.07% lower. Hong Kong's Hang Seng index slid 1.5%.
"While more robust details are likely still forthcoming, we interpret the initial communique as the third plenum failing to deliver anything especially meaningful that would suggest changes to the longer-term direction for the Chinese economy," said Brendan McKenna, international economist at Wells Fargo.
The onshore yuan opened a touch weaker at 7.2626 per dollar.
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