Asian equities decline as chip sell-off extends

Toby Alder / Bloomberg08-19

Technology shares were weaker with chip bellwethers Samsung Electronics Co and SK Hynix Inc both declining around 7% on Wednesday after a closely watched US gauge of semiconductor stocks sank 5%.(Aug ...

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Technology shares were weaker with chip bellwethers Samsung Electronics Co and SK Hynix Inc both declining around 7% on Wednesday after a closely watched US gauge of semiconductor stocks sank 5%. Contracts for the Nasdaq 100 Index edged lower after the underlying gauge slid 1.7%.\nWhile Treasuries edged higher by the close of trading on Tuesday, 10-year yields remained near the highest levels since early 2025. Earlier in the session, the 30-year yield had climbed to levels last seen in 2007 amid a global bond sell-off.\nElsewhere, Brent crude rose 0.3% to US$91.30 ($116.73) a barrel, with the US and Iran stuck in a deadlock over control of the Strait of Hormuz. Gold extended its losses, trading just below US$4,340 an ounce.\n\"With the outlook for the Middle East remaining uncertain and yields staying elevated, markets are likely to remain in risk-off mode today,\" said Kazunori Tatebe, the chief strategist of Daiwa Asset Management. \"Higher yields will increase borrowing costs for hyperscalers, raising questions about the outlook for capital spending and the potential impact on artificial intelligence (AI) infrastructure companies.\"\n\nInvestors retreated from growth stocks as longer-term bond yields hovered near multi-decade highs, driven by concerns over persistent inflation, heavy government spending and a flood of debt issuance. Geopolitical turmoil is adding to the pressure by raising the risk of energy-driven supply shocks that may keep inflation and borrowing costs elevated for longer.\nThe US 30-year yield touched 5.34% Tuesday before retreating slightly to 5.28% at the close. The 10-year yield reached 4.75% on Tuesday.\nWidening credit spreads, rising interest rates and a surge in supply all contributed to a softer high-grade funding backdrop on Tuesday, prompting at least seven issuers to decide against announcing bond deals to the market.\n\"The combination of higher energy costs and higher long-term borrowing costs is becoming increasingly uncomfortable,\" said Fawad Razaqzada at Forex.com. \"Equity investors have finally started to respond by going a bit defensive.\"\nInvestors are also reassessing the outlook for US monetary policy, with just over a third of traders now pricing in a Federal Reserve (Fed) rate increase, up from last week. \nMinutes from the Fed's latest meeting are due Wednesday and may offer clues on policymakers' thinking at a time when chairman Kevin Warsh has scaled back communications.\n\"Markets are worried about, what's the reaction function of the Fed?\" Kay Herr, the US chief investment officer for JPMorgan's global fixed-income, currency, and commodities team, said on Bloomberg Television. \"The market doesn't really love the fact that we don't have forward guidance,\" Herr added, referencing the rally in yields.\nMeanwhile, Middle East tensions intensified after the United Arab Emirates said two ballistic missiles fired from Iran towards the country fell into the sea, marking the Islamic Republic's first known attack on the Gulf nation since May as the wider conflict dragged on. \n\"The Middle East uncertainty keeps the market on edge,\" said Dan Pan, an Americas economist at Standard Chartered. \"Inflation risks have piled up on top of fiscal concerns, driving up US long-term yields. Risk sentiment generally remains cautious.\"\nCorporate highlights:\n\nAnthropic PBC's revolving credit facility is set to rise above its roughly US$10 billion target, according to people familiar with the matter, as the AI firm prepares for a highly anticipated initial public offering.\nBaidu Inc's revenue fell for a fifth consecutive quarter, reflecting a weakening position in ads as well as AI development against rivals like Moonshot.\nXiaomi Corp posted its third consecutive profit decline.\nHome Depot Inc's earnings beat expectations, signaling strength despite a housing market that's weighed down by high home prices and interest rates. The shares still slipped 0.1%.\n\nSome of the main moves in markets:\nStocks\n\nS&P 500 futures were down 0.1% as of 9.04am Tokyo time on Wednesday\nHang Seng futures fell 0.3%\nJapan's Topix fell 1.6%\nAustralia's S&P/ASX 200 fell 0.5%\nEuro Stoxx 50 futures fell 1%\n\nCurrencies\n\nThe Bloomberg Dollar Spot Index was little changed\nThe euro was little changed at US$1.1579\nThe Japanese yen was little changed at 159.49 per dollar\nThe offshore yuan was little changed at 6.7465 per dollar\nThe Australian dollar fell 0.1% to US$0.7080\n\nCryptocurrencies\n\nBitcoin rose 0.1% to US$64,638.46\nEther rose 0.1% to US$1,914.14\n\nBonds\n\nThe yield on 10-year Treasuries was little changed at 4.70%\nAustralia's 10-year yield declined three basis points to 5.06%\n\nCommodities\n\nWest Texas Intermediate crude rose 0.4% to US$85.31 a barrel\nSpot gold rose 0.1% to US$4,339.08 an ounce\n\nUploaded by Tham Yek Lee","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2660768423","isCrawlerRequest":true}