As The Rally Skids, Chinese Tech Stocks Pull Asia Lower – Asia Market Wrap

Asian stocks ended a three-day winning streak, following a pause in Wall Street’s surge as investors await US payroll data and Fed minutes for signs on interest rate cuts.

Chinese stocks in Hong Kong tumbled up to 2%, contributing to the Asian equities collapse. Technology stocks fell on concerns about the country’s consumption forecast, Walmart’s planned sale of its investment in JD.com, and disappointing earnings from important players such as Kuaishou Technology. Contracts for US and European shares rose.

The Dollar steadied after falling for three sessions, as markets anticipate Fed Chair Powell’s Jackson Hole speech on Friday for additional information on the size and timing of interest rate cuts. The Dollar spot index rebounded following three days of declines, as the Thai baht reached its highest level since July 2023, ahead of the country’s central bank decision.

In Tokyo, shares fell despite improved export statistics. Japan’s shares fell as the Yen’s gain raised concerns about earnings. Following a surge on Tuesday, the local currency held steady at roughly 145 against the dollar.