Asia-Pacific markets took a hit recently, reacting to losses in U.S. tech stocks. Hopes for a Federal Reserve interest rate cut in December seem to be dimming.
In Japan, the Nikkei 225 dropped about 1.57% at the start, while the Topix index fell by 0.72%. Notably, SoftBank shares plunged over 10%. Other tech firms also suffered, with Advantest losing more than 9% and Tokyo Electron nearly 6%.
Meanwhile, South Korea’s Kospi index fell 4.09%, and the smaller Kosdaq dipped 3.01%. Major players like Samsung Electronics and SK Hynix saw losses of up to 4% and 9%, respectively.
Australia’s S&P/ASX 200 also slid by 1.3%. In Hong Kong, the Hang Seng Index was down 1.88%, impacted by major tech firms like Baidu and Tencent, which dropped around 6% and 2.25%, respectively. Electric vehicle stocks in China, such as BYD and Nio, also faced declines.
India’s Nifty 50 was down slightly by 0.1%, and the BSE Sensex fell 0.33%.
Cryptocurrency markets weren’t spared either. Bitcoin fell by 0.91% to $85,550, its lowest since July, while Ether dropped to $2,802.81 before recovering slightly.
A report indicates that stronger-than-expected jobs data in the U.S. has added uncertainty around future rate cuts, with only a 40% chance predicted for next month, according to the CME FedWatch Tool.
This downturn has sparked discussions online, with users expressing concerns over job stability and potential financial strain. As markets continue to react to economic signals, many investors are watching closely, bracing for what comes next.
For a deeper understanding, you can check out the CME FedWatch Tool for real-time insights on interest rate probabilities.
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