After earnings, Asian stocks Decline Along With US futures – Asia Market Wrap

Most Asian markets fell following Wall Street losses and a disappointing start to earnings reporting from the “Magnificent Seven” megacap technology companies.

Equity indexes in Japan, Hong Kong, and mainland China sank alongside US stock futures. Earnings from some of corporate America’s greatest companies, including Tesla and Alphabet, were deemed insufficient to support the current increase in global stocks. The Yen rose for a third day ahead of next week’s BoJ meeting.

The Yen rose above 155 per dollar for the first time since early June, as traders adjusted for the potential that the BoJ could hike interest rates in the coming months, if not at its policy meeting next week.

The New Zealand Dollar plummeted to its lowest level in over three months, as lower bond yields in the country discouraged carry trade investors.