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Global market update: APAC markets slide, US tech companies decline

EditorOliver Gray
Published 21/02/2024, 12:38 pm
Updated 21/02/2024, 12:38 pm
© Reuters. - Asian-Pacific stock markets opened on a low note on Wednesday, echoing the downward trend of Wall Street, which was triggered by a slump in technology stocks.

By 12:40 am AEDT (2:40 am GMT) the S&P/ASX 200 fell 0.7%, the Nikkei 225 eased 0.1% and the KOSPI 200 dipped 0.3%.

U.S. stocks closed lower on Tuesday as investors keenly anticipate the earnings results from AI titan NVIDIA Corporation (NASDAQ:NVDA), scheduled for release on Wednesday. Investors are also on the lookout for insights from Federal Reserve officials regarding interest rates, following last week's inflation data release.

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The Dow Jones Industrial Average ended the day down by 0.2%, while the S&P 500 and the NASDAQ Composite closed 0.6% and 0.9% lower respectively.

In commodity markets, Brent crude oil saw a 1.3% drop to US$82.51 a barrel, while gold experienced a 0.4% increase to US$2,024.46. In local bond markets, the yield on Australian 2 Year government bonds was down at 3.83%, while the 10 Year yield was up at 4.18%. U.S. Treasury notes also dropped, with the 2 Year yield at 4.61% and the 10 Year yield at 4.28%.

In Asia, Chinese shares made a comeback, closing 0.4% higher. This shift came after the People's Bank of China cut a key lending rate by 25bp. Hong Kong shares also ended higher, led by tech and property stocks, closing 0.6% higher. Meanwhile, Japanese stocks ended slightly lower, with the Nikkei Stock Average falling 0.3% to 38363.61. Indian shares also extended gains, as the Sensex rose 0.5% to 73057.40.

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In Europe, the pan-European Stoxx Europe 600 index closed down 0.1% at 491.90, affected by falls in U.S. equities as traders awaited Wednesday's release of U.S. Federal Reserve minutes. The FTSE 100 was down 0.1% at 7,719.21. U.S. stocks ended lower as investors awaited earnings results from Nvidia, with the Dow Jones Industrial Average ending down.

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