· Tech selloff extends in Asia on inflation fears, anti-trust crackdown
Asian tech stocks tumbled on Tuesday and European equity futures dropped after a selloff on Wall Street as investors braced for U.S. inflation data and China’s ongoing anti-monopoly crackdown weighed on the country’s tech majors.
In early European trades, the pan-region Euro Stoxx 50 futures were down 1.35% and London’s FTSE futures dropped 1.26%. Those of German’s DAX fell 1.24%. U.S. stock futures, the S&P 500 e-minis, were down 0.48%.
In Asia, a regional equity gauge suffered its biggest slide in nearly two months with MSCI’s broadest index of Asia-Pacific shares outside Japan down 1.6% in afternoon trade, its largest drop since late March. Japan’s Nikkei slid 3.16%.
Selling was heavy in Hong Kong, where the Hang Seng tech index fell 3% and dragged the broader market down nearly 2%. That followed a 2.55% fall on the Nasdaq overnight.
· Hong Kong stocks fall on anti-trust worries, tech selloff; China slips
Hong Kong stocks fell sharply on Tuesday, tracking an overnight tech selloff on the Wall Street, while persistent anti-monopoly fears also weighed on tech giants listed in the Asian financial hub.
The Hang Seng index dropped 2.2% to 27,982.21, while the Hong Kong China Enterprises Index lost 2.4%, to 10,398.45.
Leading the retreat, the Hang Seng tech index slumped as much as 4.5% to a six-month low, dropping more than 30% from a record high hit on Feb 18.
Tech giants Tencent and Alibaba slipped 2.9% and 3.5%, respectively.
· Japanese shares tumble on tech sell-off, pandemic woes
Japanese shares tumbled on Tuesday, dragged down by technology stocks tracking overnight Wall Street losses, while domestic cyclical stocks also fell on concerns around the nation’s worsening situation of the pandemic.
The Nikkei share average tumbled 2.52% to 28,774.45 by 0158 GMT, while the broader Topix lost 1.84% to 1,916.40.
· Indian shares set to snap four-day rally as metals lose lustre
Indian shares were on course to snap a four-session rally on Tuesday as metal stocks retreated from record highs and financials dipped, with sentiment taking a hit following declines in Asia on U.S. inflation worries.
The NSE Nifty 50 index fell 0.65% to 14,844.7 by 0432 GMT, while the S&P BSE Sensex dropped 0.69% to 49,159.8.
· European markets slide after plunge in U.S. tech stocks and Asia markets; THG up 18% after Softbank investment
European markets pulled back on Tuesday following a sell-off in U.S. tech stocks at the start of the week and as global markets turn their focus on inflation data.
The pan-European Stoxx 600 fell 1.7% in early trade with travel and leisure stocks plunging 4% to lead losses, as all sectors and major bourses slid into negative territory.
The tumble comes after negative trading sentiment in Asia-Pacific markets overnight following a sell-off in tech stocks on Monday that weighed down major U.S. indexes.
· Nasdaq futures slip after a sell-off in Big Tech pushes stocks off records
Nasdaq futures slipped early Tuesday morning after investors punished Big Tech stocks during the regular session and pushed both the Dow Jones Industrial Average and the S&P 500 off record levels.
S&P 500 futures traded 0.4% lower, while those tied to the Dow fell around 70 points. Nasdaq 100 futures came under pressure and retreated by about 0.7%.
· Philippines Q1 GDP contracts 4.2% yr/yr, more than expected
· Malaysia's economy shrinks in Q1, less than expected
The economy shrank 0.5% over January-March from a year earlier, down for a fourth straight quarter but better than the 1.9% contraction forecast in a Reuters poll. GDP contracted 3.4% in the fourth quarter.
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