{"id":28622,"date":"2024-06-27T10:18:46","date_gmt":"2024-06-27T10:18:46","guid":{"rendered":"https:\/\/www.xtrememarkets.com\/?p=28622"},"modified":"2024-06-27T10:18:46","modified_gmt":"2024-06-27T10:18:46","slug":"asian-shares-and-us-futures-fall-on-tech-losses","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/asian-shares-and-us-futures-fall-on-tech-losses\/","title":{"rendered":"Asian Shares and US Futures Fall on Tech Losses"},"content":{"rendered":"<h1><strong>Asian Shares and US Futures Fall on Tech Losses<\/strong><\/h1>\n<p><span style=\"font-weight: 400;\">Asian shares fell alongside European and US <a href=\"https:\/\/www.xtrememarkets.com\/US\/stocks\/\"><strong>stock<\/strong><\/a>-index futures after Micron Technology Inc.\u2019s sales outlook missed the highest forecasts, impacting major tech companies in late Wall Street trading. Stocks in Japan, Hong Kong, South Korea, and China all declined, pushing the MSCI Asia Pacific gauge toward its first loss in three days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The yen recovered some losses after dropping to 160.87 per dollar on Wednesday, its weakest level since 1986. An emerging-market currency gauge neared a two-month low, and an Asian currency index fell to levels last seen in 2022 as the dollar strengthened. Treasuries continued to decline amid concerns that Friday\u2019s US PCE data would show persistent inflation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt\u2019s all about the Fed\u2014higher rates for longer are keeping short-term rates high, drawing money into the US and strengthening the dollar,\u201d said Andrew Brenner, head of international fixed income at NatAlliance Securities LLC. For Japan, \u201cit\u2019s a problem,\u201d he added.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">MSCI Inc.\u2018s key gauge for Chinese stocks is headed for a technical correction as traders struggle to find catalysts ahead of a July meeting of the nation\u2019s top leaders. The MSCI China Index fell up to 2% on Thursday, marking a nearly 10% decline since its May 20 high.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The yen strengthened from a 38-year low after Japanese Finance Minister Shunichi Suzuki remarked that \u201cone-sided moves in the foreign exchange market were not desirable as currencies should reflect fundamentals.\u201d The currency had dropped 0.7% on Wednesday.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Micron Technology shares dropped in extended US trading after the computer memory chip maker disappointed investors hoping for gains from the AI computing boom. This news also pulled down other chipmakers, including Nvidia Corp.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Wall Street\u2019s latest attempt to broaden beyond megacap stocks was short-lived, with various measures showing weak market breadth, increasing uncertainty about the rally\u2019s sustainability. The disparity between S&amp;P 500 performance and breadth is among the worst in three decades, according to Bloomberg Intelligence.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe stock market is overly reliant on big tech,\u201d said David Bahnsen at The Bahnsen Group. \u201cWhether the recent tech volatility is the start of something deeper or a future reckoning remains to be seen, but excessive investor sentiment and overdone momentum always end the same way.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Elsewhere, Asia Pacific companies and governments\u2019 sales of dollar bonds in the primary market hit a nine-month high this week. Issuers aim to lock in historically tight spreads before they rise further. The Korean government and other issuers sold over $5.5 billion of notes on Wednesday, pushing the week\u2019s total close to $14 billion, according to Bloomberg data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In commodities, gold steadied after a two-day decline, while oil traded in a narrow range ahead of the next round of US economic data.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Asian Shares and US Futures Fall on Tech Losses Asian shares fell alongside European and US stock-index futures after Micron Technology Inc.\u2019s sales outlook missed the highest forecasts, impacting major tech companies in late Wall Street trading. Stocks in Japan, Hong Kong, South Korea, and China all declined, pushing the MSCI Asia Pacific gauge toward<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/US\/asian-shares-and-us-futures-fall-on-tech-losses\/\">continue reading<\/a>.","protected":false},"author":1,"featured_media":28623,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[15],"tags":[2023,288,168,2562,24,327,157,392,148,2638,2343,2311],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Asian Shares and US Futures Fall on Tech Losses<\/title>\r\n<meta name=\"description\" content=\"Asian shares fell alongside European and US stock-index futures after Micron Technology Inc.\u2019s sales outlook missed the highest forecasts\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/US\/asian-shares-and-us-futures-fall-on-tech-losses\/\" 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