{"id":28194,"date":"2023-10-20T04:38:56","date_gmt":"2023-10-20T04:38:56","guid":{"rendered":"https:\/\/isafespend.com\/investing\/asian-stocks-slump-as-fed-jitters-m-east-fears-rattle-risk-appetite\/"},"modified":"2023-10-20T04:38:58","modified_gmt":"2023-10-20T04:38:58","slug":"asian-stocks-slump-as-fed-jitters-m-east-fears-rattle-risk-appetite","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=28194","title":{"rendered":"Asian stocks slump as Fed jitters, M.east fears rattle risk appetite"},"content":{"rendered":"
\n
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Investing.com– Asian stocks extended steep losses on Friday as a rout in global bond markets continued to decimate risk appetite, while traders remained on edge over any more escalation in the Israel-Hamas war.\u00a0<\/p>\n

Regional markets were spooked by a sharp sell-off in global bonds this week, which reached a fever pitch on Thursday after comments from Federal Reserve Chair Jerome Powell indicated that an interest rate hike was still being considered this year.<\/p>\n

A slew of other Fed officials mirrored Powell\u2019s stance, especially as recent data pointed to stickiness in U.S. inflation. overnight following a spike in Treasury yields, providing a weak lead-in to regional markets.\u00a0<\/p>\n

Higher interest rates bode poorly for Asian markets, given that they diminish their risk-heavy appeal, and also limit foreign capital flowing into the region.\u00a0<\/p>\n

Sticky inflation dents Japan\u2019s Nikkei, weekly losses on tap<\/h2>\n

The sank 0.6%, and was on course for a 3.2% loss this week as data on Friday showed that Japanese grew more than expected in September.<\/p>\n

A core inflation reading, which is closely watched by the Bank of Japan, also remained close to over 40-year highs, indicating that underlying inflation remained sticky.\u00a0<\/p>\n

Comments from former BOJ officials also suggested that the bank could end its negative rate regime by as soon as December, ending nearly a decade of easy monetary policy enjoyed by Japanese stocks. Loose monetary conditions were a key driver of a Japanese stock rally this year, which saw the Nikkei reach 30-year highs.\u00a0<\/p>\n

Asian tech under pressure from yield spike, chipmaking losses<\/h2>\n

A spike in global bond yields weighed heavily on Asian technology stocks this week, as the prospect of higher interest rates diminished the appeal of growth stocks.<\/p>\n

Weak third-quarter profit figures from major chipmaker TSMC (TW:) (NYSE:) also dented tech stocks, particularly chipmakers.<\/p>\n

South Korea\u2019s was among the worst hit on Friday, losing nearly 2% as heavyweight chip stocks SK Hynix Inc <\/span><\/span> (KS:) and Samsung Electronics (KS:) fell over 1% each.<\/p>\n

Weakness in heavyweight tech stocks dragged Hong Kong\u2019s down 0.7%, with the index also set to severely lag its Asian peers this week with a 3.9% drop.<\/p>\n

Losses in technology stocks weighed on Australia\u2019s index, which fell 1.3%. Losses in mining stocks, tracking weaker metal prices and middling production reports, also weighed on the ASX 200 this week, putting it on course for a loss of 2.2%.\u00a0<\/p>\n

Futures for India’s index pointed to a weak open, as weakness in tech stocks dragged the index lower this week.<\/p>\n

Chinese stocks at 2023 lows as property jitters persist<\/h2>\n

Chinese stocks saw small losses on Friday, but were set for steep weekly declines as persistent concerns over the country\u2019s property sector largely offset data showing stronger economic growth.\u00a0<\/p>\n

China\u2019s index fell 0.1% and was trading close to a one-year low, while the index fell 0.2% and was also at a near one-year low. Both indexes were set to lose between 1.7% and 2.2% this week.\u00a0<\/p>\n

A lack of clarity on a potential default by Country Garden <\/span><\/span> Holdings (HK:) kept traders largely wary of Chinese assets, after the beleaguered property developer apparently missed a key payment on its international bonds this week. Reports said the firm was now seeking more talks with bondholders.<\/p>\n

China\u2019s central bank kept its benchmark on hold at record lows on Friday, as widely expected.\u00a0<\/p>\n<\/div>\n

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

\u00a9 Reuters. Investing.com– Asian stocks extended steep losses on Friday as a rout in global bond markets continued to decimate risk appetite, while traders remained on edge over any more escalation in the Israel-Hamas war.\u00a0 Regional markets were spooked by a sharp sell-off in global bonds this week, which reached a fever pitch on Thursday<\/p>\n","protected":false},"author":1,"featured_media":19246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-28194","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 slump as Fed jitters, M.east fears rattle risk appetite | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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