HK stocks slip as US goes for Iran's economic jugular
Asian stocks fluctuated on Tuesday as investors assess a US plan for the "economic asphyxiation" of Iran, while tech firms struggled following another down day on Wall Street and ahead of earnings from chip titan Nvidia. In Hong Kong, the benchmark Hang Seng Index opened up 116 points, or 0.46 percent, at 25,634 before reversing direction to be 50 points, or 0.2 percent, down at 25,466 at one…
Asian markets wavered on Tuesday as investors digested a US strategy to economically cripple Iran, while tech companies faced a tough day following a down market on Wall Street and Nvidia's upcoming earnings report. Hong Kong's Hang Seng Index started the day at 25,634, before slipping to 25,466, a 0.2% decline, amid volatility.
The China Enterprises Index and tech index both opened higher but quickly turned negative. In Beijing, the Shanghai Composite fell 0.48%, while the Shenzhen and ChiNext Indices declined 0.8% and 0.84%, respectively. Tokyo's Nikkei index dropped 333 points, or 0.5%, before recovering slightly. Seoul's Kospi fell 1.89% after opening down 161 points.
US Treasury Secretary Scott Bessent announced a "economic D-Day" on Iran, warning countries trading with Tehran of sanctions six months after the US initiated the conflict. Bessent vowed to hold everyone accountable and isolate Iran further through economic measures. The market's cautious outlook stems from Nvidia's earnings anticipation, with investors questioning if the company can meet high expectations amid elevated bond yields. Other tech firms, such as Salesforce and Marvell, are also under scrutiny.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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