{"id":39084,"date":"2023-07-22T10:17:10","date_gmt":"2023-07-22T14:17:10","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/asian-stocks-edge-lower-as-tech-gloom-outweighs-china-stimulus\/"},"modified":"2023-07-22T10:17:11","modified_gmt":"2023-07-22T14:17:11","slug":"asian-stocks-edge-lower-as-tech-gloom-outweighs-china-stimulus","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=39084","title":{"rendered":"Asian stocks edge lower as tech gloom outweighs China stimulus"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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Investing.com — Most Asian stocks moved in a flat-to-low range on Friday as investors weighed more Chinese stimulus measures against weakness in technology stocks after chipmaking giant TSMC presented a bleak outlook for the year.<\/p>\n

China\u2019s top economic planner, the National Development and Reform Commission, unveiled new measures aimed at boosting spending in the automobile and consumer electronics sectors.\u00a0<\/p>\n

The move comes amid promises of more policy support from Beijing, after data showed that a Chinese economic recovery slowed sharply in the second quarter.<\/p>\n

Chinese stocks recoup some weekly losses on stimulus cheer<\/h2>\n

Hong Kong\u2019s index was the best performer in Asia, rising 0.7% on strength in locally-listed Chinese stocks.\u00a0<\/p>\n

But the and indexes traded sideways after relinquishing most early gains. All three indexes were still set to lose over 1% this week, although they did trim some weekly losses on Friday.<\/p>\n

Fund managers were seen growing less optimistic over a Chinese economic recovery this year, amid weak indicators and limited policy support. Bank of America economists warned that local stocks could test 11-year lows as a post-COVID economic rebound runs out of steam.<\/p>\n

Weakness in China bodes poorly for broader Asian markets, many of which depend on the country as a trading hub.<\/p>\n

Asia tech under pressure from weak earnings outlook, Wall St losses\u00a0<\/h2>\n

Broader Asian stocks were held back by weakness in heavyweight technology shares. An overnight slide in provided weak cues to markets, following disappointing results from Netflix (NASDAQ:) and Tesla (NASDAQ:).\u00a0<\/p>\n

Taiwan Semiconductor Manufacturing Co (TW:) (NYSE:), Asia\u2019s most valuable company, sank 3% on Friday after the firm reported a 23% drop in its second-quarter profit, and also warned that its sales and profits were set to decline further this year.<\/p>\n

TSMC was not alone in presenting a weak outlook. Hong Kong\u2019s Sunny Optical Technology Group (HK:), which manufactures smartphone components for several major brands, fell 1% after it flagged an as much as 70% profit decline in the first half of 2023.\u00a0<\/p>\n

Most tech-heavy Asian bourses retreated, with South Korea\u2019s down 0.1%, while the index slid 0.7%.\u00a0<\/p>\n

Australia\u2019s fell 0.3%, amid some concerns over slowing commodity demand in China.\u00a0<\/p>\n

Japan\u2019s fell 0.1%, while the broader was flat as data showed that Japanese remained sticky through June – a trend that could attract policy tightening by the Bank of Japan.<\/p>\n

On the other hand, Indian stocks continued to outperform this week, with the and indexes notching record highs for the past four sessions.\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n

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

\u00a9 Reuters. Investing.com — Most Asian stocks moved in a flat-to-low range on Friday as investors weighed more Chinese stimulus measures against weakness in technology stocks after chipmaking giant TSMC presented a bleak outlook for the year. China\u2019s top economic planner, the National Development and Reform Commission, unveiled new measures aimed at boosting spending in […]<\/p>\n","protected":false},"author":1,"featured_media":39085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-39084","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nAsian stocks edge lower as tech gloom outweighs China stimulus | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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