07/18/2024 – 6:02
By Sergio Caldas*
São Paulo, 07/18/2024 – Asian stock markets closed without a clear direction this Thursday, with some of them affected by the fall in technology stocks in New York yesterday and those in Shanghai and Hong Kong awaiting the result of a meeting of Chinese leaders.
The market focus was on chip manufacturers after the Bloomberg report that the US is considering applying the toughest restrictions available if companies such as Japan’s Tokyo Electron and the Netherlands’ ASML continue to give China access to advanced semiconductor technology.
Leading losses in Asia, Japan’s Nikkei index fell 2.36% in Tokyo to 40,126.25 points, with falls of 8.7% for Tokyo Electron and 6.1% for SoftBank Group, which is also relevant in the chip sector.
Meanwhile, Taiex fell 1.56% in Taipei, to 23,398.47 points, after former US President Donald Trump criticized Taiwan’s dominance in semiconductor production, in an interview this week with Bloomberg Businessweek. Only TSMC, the world’s largest chip producer, saw a drop of 2.43%.
In Seoul, the South Korean Kospi fell 0.67% to 2,824.35 points, also pressured by chip and automotive stocks.
Yesterday in New York, the Nasdaq index, which concentrates technology companies, fell 2.77%, its worst daily performance since December 2022.
In mainland China, on the other hand, markets were in the blue, with investors awaiting possible stimulus measures from the so-called Third Plenum, a four-day meeting of the Chinese Communist Party leadership that ends on Thursday. The Shanghai Composite rose 0.48% to 2,977.13 points, and the less comprehensive Shenzhen Composite advanced 0.33% to 1,604.59 points. In the same vein, the Hang Seng rose 0.22% in Hong Kong to 17,778.41 points.
In Oceania, Australia’s stock market ended lower after hitting a record high in the previous session, as strong domestic jobs data raised fears that the country’s central bank, the RBA, could raise interest rates again before cutting them. The S&P/ASX 200 fell 0.27% in Sydney to 8,036.50 points.
Contact: [email protected]
*With information from Dow Jones Newswires
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