Asian Stocks Rise as US Tech Concerns Are Ignored – Asia Market Wrap
Tuesday saw gains in Asian stocks, defying a mixed day on Wall Street amid growing rumours that the tech sector’s rise might be coming to an end.
Japan’s stock market beat the rest of the region, rising 1.7%.
US equity contracts increased slightly during Asian trade on Monday, following gains in a number of non-tech US sectors. A three-day loss of around $430 billion was extended by Nvidia, the chipmaker at the centre of the artificial intelligence revolution, surpassing the technical threshold for a correction.
Investors were observed shifting their focus from the technology sector to other areas of the market in Asia. A growing number of people in Japan were buying value stocks, such as financials, because they thought the country’s central bank would tighten its policies.
The Yen gained ground against other currencies, but it was still close to its lowest point in around 34 years. The chief currency official had issued a warning, saying that authorities were prepared to step in if needed, but some traders believe the Yen may go as low as 170 per dollar. While Treasuries remained stable in Asian trading, the US dollar fell vs the majority of its Group-of-10 counterparts.
