Tech caution holds HK, region back as key results loom
Asian stocks retreated broadly on Tuesday while oil rose as geopolitical risks rattled sentiment ahead of key results from AI bellwether companies. In Hong Kong, the benchmark Hang Seng Index opened down 196 points, or 0.81 percent, at 23,990. The China enterprises index was 49 points, or 0.61 percent, lower at 8,078 while the tech index slipped 52 points, or nearly 1.3 percent, to 4,055. On the…
Asian markets fell on Tuesday as geopolitical risks and sharp corporate earnings loomed. In Hong Kong, the Hang Seng Index dropped 0.81 percent to 23,990. China's enterprises index slipped 0.61 percent to 8,078, while the tech index declined nearly 1.3 percent to 4,055. On mainland China, the Shanghai Composite Index fell 0.33 percent to 3,718, while the Shenzhen Component Index dropped 0.36 percent to 11,774.
The ChiNext Index declined 0.5 percent to 2,732. The US dollar remained strong against the euro as French riots increased demand for safe-haven assets. Oil prices rose as the US imposed executive orders waiving sanctions and tariffs on Russian energy. Investors now anticipate corporate earnings reports, particularly from Meta, Tesla, and chipmakers Lam Research and Texas Instruments.
Analysts caution that while tech hardware drives growth, the sector's high expectations for earnings mean a double-digit increase compared to the previous year.
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