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Asian Stocks drop after Wall Street Tech Sell-Off

Asian Stocks drop after Wall Street Tech Sell-Off
Asian Stocks drop after Wall Street Tech Sell-Off

Asian stocks dropped Tuesday following a technology sell-off hauled Wall Street lower.

KEEPING SCORE: Tokyo’s Nikkei 225 tumbled 3.2 percentage to 21,554.45 and Hong Kong’s Hang Seng dropped 1.1 percent. The Shanghai Composite Index was off 0.2 percent in 2,625.37 and Sydney’s S&P-ASX 200 grew up 1.9 percentage to 5,825.60. Seoul’s Kospi retreated 1.6 percentage to 2,047.10 and benchmarks in New Zealand, Taiwan and Southeast Asia also diminished.

WALL STREET: A sell-off in tech firms knocked over 600 points off the Dow Jones Industrial Average. The tide of selling snared large names such as Apple, Amazon and Goldman Sachs. Banks, consumer-focused businesses, and communications and media stocks took significant losses. That, consequently, weighed chipmakers. The Standard & Poor’s 500 index dropped 2 per cent to 2,726.22. The Dow gave up 2.3 percentage to 25,387.18. It was down temporarily by 648 points. The NASDAQ composite slid 2.8 percent to 7,200.87.

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APPLE: The technology inventory collapse followed an analyst report which indicated Apple significantly cut orders from among its providers. That fueled concerns regarding the outlook for technology businesses and U.S. economic development. Apple dropped 5{d08f825f8993e9339f57f9ee191e9751c5dd74579408b74e993695a69dbacad4} following Wells Fargo analysts said the iPhone manufacturer is the unnamed consumer that optical communications firm Lumentum Holdings stated was substantially reducing orders. Shares in Lumentum dropped 33 percent.

ANALYST’S TAKE: “The U.S. dawn sell-off from the technology industry triggered the equity rout,” stated Stephen Innes of OANDA at a report. “It’s tough to overlook the global growth slowdown, while the Trump government seems set to apply pressure on China trade” A more powerful U.S. dollar generally functions as a “rolling ball through Asian equities.”

OPEC: Saudi Arabia said the oil cartel and allied primitive manufacturers will probably have to reduce supplies, possibly by up to 1 billion barrels of petroleum every day, to rebalance the marketplace after U.S. sanctions neglected to reduce Iran’s output. Khalid al-Falih’s remarks showed the balancing action U.S. allies confront in coping with President Donald Trump’s actions. Trump has required OPEC increase manufacturing to push down U.S. gas rates. Al-Falih, who on Sunday said that the kingdom could reduce production by over 500,000 barrels every day in December, ” said Saudi Arabia gave clients”100 percent of what they asked for.” That seemed to be a veiled reference to Trump.

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ENERGY: Benchmark U.S. crude fell 78 cents to $59.15 per barrel in electronic trading on the New York Mercantile Exchange. The contract dropped 26 cents on Monday to $59.93. Brent crude, used to cost international monies, dropped 69 cents to $69.43 in London. It diminished 6 cents the prior session for $70.12.

CURRENCY: The dollar dropped to 113.89 yen from Monday’s 113.84 yen. The euro gained to $1.1241 from $1.1218.

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Avi Selk

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Avi worked for many years in factories and service industries — experiences he values. He later graduated from the University of Texas at Austin's journalism program in 2009, then worked for the Dallas Morning News until 2016, when The Washington Post hired him. He reports for the general assignment desk.

To get in touch with Avi for news reports he published you can email him on [email protected] or reach him out in social media linked below.

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