{"id":12404,"date":"2023-08-17T03:22:46","date_gmt":"2023-08-17T03:22:46","guid":{"rendered":"https:\/\/isafespend.com\/investing\/asian-stocks-sink-as-fed-fears-batter-tech-china-concerns-grow\/"},"modified":"2023-08-17T03:22:47","modified_gmt":"2023-08-17T03:22:47","slug":"asian-stocks-sink-as-fed-fears-batter-tech-china-concerns-grow","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12404","title":{"rendered":"Asian stocks sink as Fed fears batter tech, China concerns grow"},"content":{"rendered":"
\n
\n

\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

Investing.com– Most Asian stocks fell on Thursday after hawkish signals from the Federal Reserve spurred deep losses in technology stocks, while weak economic readings fueled more concerns over a Chinese economic slowdown.<\/p>\n

Markets also took a weak lead-in from Wall Street indexes, which closed lower in overnight trade on renewed concerns over rising U.S. interest rates.<\/p>\n

Asian tech battered by hawkish Fed minutes\u00a0<\/h2>\n

Tech-heavy Asian indexes logged the heaviest losses on Thursday, with Hong Kong\u2019s index sliding 1.6%, while South Korea\u2019s shed 0.6%.<\/p>\n

Futures for India\u2019s index also pointed to a softer open, likely on weakness in the country\u2019s heavyweight tech stocks. Hotter-than-expected inflation readings also weighed.<\/p>\n

The tech sector was hit by renewed fears of rising U.S. interest rates, after the showed that most policymakers supported higher interest rates to curb stubborn inflation.<\/p>\n

The bank had hiked rates by 25 basis points in July, and flagged more potential hikes if U.S. inflation proved to be stubborn.\u00a0<\/p>\n

Strong from the world\u2019s largest economy had already put Asian tech on a downturn over the past three sessions, as the prospect of U.S. rates remaining higher-for-longer pressured the outlook for tech earnings.<\/p>\n

Chinese stocks extend losses as Fitch flags potential rating risk<\/h2>\n

China\u2019s and indexes fell 0.3% and 0.2%, respectively, extending losses into a fifth straight session as ratings agency Fitch flagged a .<\/p>\n

The ratings agency told Bloomberg that any extension of government debt was likely to spark a reconsideration of China\u2019s A+ rating. But while Fitch does not expect such a scenario to occur, the ratings agency also expects the government to provide little debt support to the flailing property sector.\u00a0<\/p>\n

Fears of a debt meltdown in China\u2019s property sector have been a key weight on sentiment in recent sessions, especially as Country Garden <\/span><\/span> Holdings (HK:), China\u2019s biggest developer, struggles to meet its debt obligations.\u00a0<\/p>\n

Losses in property stocks also weighed heavily on the Hang Seng, pulling it down to a nine-month low. The CSI 300 and Shanghai Composite were both sitting at two-month lows.<\/p>\n

Markets are now awaiting more stimulus measures from the Chinese government, starting with a next week.<\/p>\n

Weak trade data adds to China concerns\u00a0<\/h2>\n

Japan\u2019s index slid 1.1% after data showed the country logged an unexpected in July. Japan\u2019s also shrank for the first time in two years, with a sharp drop in shipments to China.\u00a0<\/p>\n

A bigger-than-expected drop in Singapore\u2019s key also pointed to more weakness in China, given that the country is the island state\u2019s biggest export destination.\u00a0<\/p>\n

Most Southeast Asian stocks sank on Thursday, with down 0.2% ahead of a later in the day. The Philippine central bank is expected to keep rates on hold.\u00a0<\/p>\n

Concerns over China dragged Australia\u2019s down 0.9%, while data also pointed to some cooling in the country\u2019s .<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com– Most Asian stocks fell on Thursday after hawkish signals from the Federal Reserve spurred deep losses in technology stocks, while weak economic readings fueled more concerns over a Chinese economic slowdown. Markets also took a weak lead-in from Wall Street indexes, which closed lower in overnight trade on renewed concerns over rising<\/p>\n","protected":false},"author":1,"featured_media":12405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-12404","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nAsian stocks sink as Fed fears batter tech, China concerns grow | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Investing.com-- Most Asian stocks fell on Thursday after hawkish signals from the Federal Reserve spurred deep losses in technology stocks,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=12404\" 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