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A wave of selling swept across Asian markets on Thursday, driven by a disappointing outlook from chipmaking giant Micron and renewed concerns about China’s economic health. The ripple effects were felt in tech-heavy sectors and beyond, with investors seeking refuge amid growing uncertainty.<\/p>\n\n\n\n
Micron’s Guidance Sparks Tech Rout<\/strong><\/p>\n\n\n\n Micron Technology Inc., a bellwether for the semiconductor industry, reported better-than-expected quarterly earnings, but its forecast for the current quarter fell short of Wall Street’s hopes. This fueled doubts about the sustainability of the AI-driven surge in demand and prompted investors to take profits off the table in the once-booming tech sector.<\/p>\n\n\n\n The Nasdaq Golden Dragon China Index, which tracks U.S.-listed Chinese companies, slid nearly 3%, extending its recent losses as U.S.-China tensions escalate over trade and technology.<\/p>\n\n\n\n Adding to the gloom, data released on Thursday revealed a further slowdown in China’s industrial profit growth in May, raising concerns about the pace of economic recovery in the world’s second-largest economy. The news comes as Beijing prepares for its Third Plenum meeting in July, where policymakers are expected to unveil additional stimulus measures to bolster growth.<\/p>\n\n\n\n However, the specter of a potential trade war with the West continued to weigh on investor sentiment. The European Union recently joined the United States in imposing import duties on Chinese electric vehicles, signaling a united front against what they perceive as unfair trade practices.<\/p>\n\n\n\n Key Regional Markets Follow Suit<\/strong><\/p>\n\n\n\n Japan’s Nikkei 225 and South Korea’s KOSPI were among the hardest hit, with declines of 1.2% and 0.5%, respectively. Hong Kong’s Hang Seng index suffered a steeper loss of 1.7%, reflecting a combination of tech sector weakness and China-related concerns.<\/p>\n\n\n\n Australia’s ASX 200 slid 1%, extending its losses from the previous session after a hotter-than-expected inflation report fueled speculation of an interest rate hike by the Reserve Bank.<\/p>\n\n\n\n Global Impact and Outlook<\/strong><\/p>\n\n\n\n The negative sentiment extended to U.S. stock futures, with contracts for the major indexes pointing to a lower open on Thursday. The upcoming release of key U.S. economic data, including the PCE price index, and the first Presidential debate added to the market’s jitters.<\/p>\n\n\n\n Investors are now closely watching for further developments in the U.S.-China trade dispute and signs of additional stimulus measures from Beijing. The upcoming Third Plenum meeting will be a crucial event for gauging China’s economic trajectory and its potential impact on global markets.<\/p>\n","protected":false},"excerpt":{"rendered":" A wave of selling swept across Asian markets on Thursday, driven by a disappointing outlook from chipmaking giant Micron and renewed concerns about China’s economic health. The ripple effects were felt in tech-heavy sectors and beyond, with investors seeking refuge amid growing uncertainty. Micron’s Guidance Sparks Tech Rout Micron Technology Inc., a bellwether for the …<\/p>\n","protected":false},"author":9,"featured_media":31994,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[6849,6851],"class_list":["post-102957","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-asia","tag-stocks"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/102957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=102957"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/102957\/revisions"}],"predecessor-version":[{"id":102958,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/102957\/revisions\/102958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31994"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=102957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=102957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=102957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}