Asian stocks tumbled Wednesday after Wall Street had its worst day since early August, with the heavyweight Nvidia falling 9.5%, leading to a global decline in chip-related stocks. Electronics and semiconductor company Tokyo Electron slumped 8.6% on Wednesday. Taiwan’s Taiex lost 4.5%, dragged down by the heavyweight Taiwan Semiconductor Manufacturing Company, which was 5.4% lower.
TOKYO (Reuters) -The safe-haven Japanese yen rallied on Wednesday while riskier currencies like the Australian dollar and sterling languished as traders ducked for cover following the worst sell-off in almost a month on Wall Street and big losses for Asian stocks. "The bears are back with a bang," said Michael Brown, senior research strategist at Pepperstone, while adding that the poor factory figures on their own did not justify a market response of such scale. "It does, however, speak to the heightened sensitivity of participants to incoming data, particularly downside surprises."
(Bloomberg) -- This year’s seemingly smooth transition to a faster settlement regime for US stocks turns out to have been far from plain sailing for many industry players, according to Citigroup Inc.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatFrom overhauling arcane funding processes to relocating traders across oceans, the late-May switch to the system known as T+1 proved tougher than expected, the bank found
(Bloomberg) -- As the market for in-house insurance surpasses a record $200 billion, the underlying reasons for that boom show how a hotter, less stable planet is redrawing the risk map for corporations.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatCaptive insurance, where companies create their own coverage vehicles, is on the rise, according to insurance broker Aon Plc. Companies are using it to work around re
Chip shares dragged Asian indexes lower on Wednesday and European futures fell after growth concerns drove the steepest selloff in a month on Wall Street and investors wiped $279 billion from the value of market darling chipmaker Nvidia. Oil hit year-to-date lows in Asia trade, the safe-haven yen rose, Japanese stocks fell more than 3% and the regional shares ex-Japan dropped nearly 2%.
(Bloomberg) -- Investors and analysts are lining up bets on battered Asian technology stocks, after a $279 billion rout in Nvidia Corp. fueled a wave of selling in chip stocks.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatShares of Asian semiconductor and equipment makers including SK Hynix Inc., Taiwan Semiconductor Manufacturing Co. and Advantest Corp. fell amid a widespread market rout, creating a crunch mome
Markets in Europe are set for a rocky start on Wednesday after Asia stocks were left in a sea of red, as worries over the global growth outlook resurfaced and as the blistering AI rally hit yet another speed bump. U.S. and European stock futures sank, while MSCI's broadest index of Asia-Pacific shares outside Japan and Japan's Nikkei were headed for their worst sessions since Aug. 5, when worries about a slowing U.S. economy and an unwinding of Japanese yen carry trades pummelled global stock markets.
Investors were disappointed by Tuesday's manufacturing data, which amplified fears that the US economy may be headed for a slowdown.
(Bloomberg) -- Asian semiconductor-related stocks tumbled, putting regional benchmarks on course for their worst drops in a month amid renewed concerns of overheating in the artificial intelligence rally.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe MSCI Asia Pacific Index fell as much as 2.2%, the most since the Aug. 5 panic selloff. Taiwan’s Taiex tumbled as much as 5.3% while Japan’s Topix slid 3.4% and K
"Equities seem more excited about the cuts than concerned about a potential recession," strategists at Bank of America said.