Asian shares fall after US tech falters, dollar and yields hold gains


Sydney, July 21 (BNA): Asian stocks fell on Friday after Tesla and Netflix weighed on US tech stocks after their earnings reports, while dollar and Treasury yields extended gains ahead of an action-packed week that could see the end of the US tightening cycle.


In addition to the US Federal Reserve meeting next week, the Bank of Japan will meet amid speculation of an imminent policy adjustment. Early Friday, inflation in Japan remained above the central bank’s 2% target for the 15th consecutive month in June.


In addition to the US Federal Reserve meeting next week, the Bank of Japan will meet amid speculation of an imminent policy adjustment. Early Friday, Japan’s inflation remained above the central bank’s 2% target for the 15th consecutive month in June, but gains matched median market expectations.


In addition to the US Federal Reserve meeting next week, the Bank of Japan will meet amid speculation of an imminent policy adjustment. Early Friday, Japan’s inflation remained above the central bank’s 2% target for the 15th straight month in June, but gains matched median market expectations.


MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5%, heading for a weekly loss of 1.8%. Meanwhile, Japan’s Nikkei lost 0.3%.


Shares of Taiwanese chipmaker TSMC fell more than 3% on Friday after the world’s largest chipmaker reported a 10% drop in 2023 sales.


China’s blue-chips fell 0.2% while Hong Kong’s Hang Seng bucked the trend, adding 0.4%.

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MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5%, heading for a weekly loss of 1.8%. Meanwhile, Japan’s Nikkei lost 0.3%.


Also, an unexpected drop in weekly jobless claims in the US fueled expectations for a strong jobs report, after markets bet that the Fed would mostly tighten after a recent rally in July.


They raised the chance of a second Fed hike by November to 33%, and slightly reduced the size of next year’s rate cuts to just under 100 basis points.


Ten-year Treasury yields were mostly flat in Asia at 3.8405%, after rising 11 basis points overnight, while two-year Treasury yields were flat at 4.8259%, after rising 8 basis points overnight.


The US Dollar Index was little changed at 100.78, after advancing 0.5% overnight, the biggest one-day gain since mid-May. The Australian dollar gave up almost all of its gains after the strong local jobs data hovered below 68 cents.

Elsewhere, oil prices have been higher. Brent crude futures rose 0.3% to $79.88 a barrel and US West Texas Intermediate crude futures rose 0.4% to $75.96. Gold prices rose 0.2% to $1,972.99 an ounce.

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