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Apple Downgrade Sparks New Asian Tech Markets Sell-Off

Apple Downgrade Asian Tech Markets Sell-Off

Asian markets stumble as Apple downgrade triggers tech sell-off; global markets react to economic indicators and upcoming events.

Stock markets across the Asia-Pacific region experienced a downturn today as major tech companies, particularly chipmakers faced significant pressure following Barclays’ downgrade of Apple. The iPhone maker’s shares plummeted by 4% after Barclays revised its rating to ‘underweight’ and slashed the price target to $160 from $161. The impact rippled through Apple suppliers, particularly in key Asian markets, dragging down South Korea and Taiwan indexes.

South Korea’s Kospi closed 2.34% lower, with prominent tech and chip stocks like Samsung Electronics and SK Hynix falling about 3% each. Similarly, Taiwan’s market shed 1.65%, with Taiwan Semiconductor Manufacturing Company down 2.53% and Foxconn dropping 0.48%.

Apple Downgrade Sparks New Asian Tech Markets Sell-Off

In India, factory activity for December fell below expectations, recording an 18-month low in the Purchasing Managers Index (PMI) at 54.9, below the anticipated 55.9. Australia’s S&P/ASX 200 retreated 1.37% after reaching an all-time high the previous day. Hong Kong’s Hang Seng index fell 0.97%, and China’s CSI 300 slipped 0.26%.

Meanwhile, Japan’s markets remained closed due to a tragic incident at Tokyo’s Haneda airport. A collision between a Japan Airlines flight and a Coast Guard aircraft resulted in five deaths. The Coast Guard aircraft was en route for earthquake relief in Niigata prefecture following the New Year’s Day earthquake in Japan.

In the United States, the Nasdaq Composite dropped 1.63%, the S&P 500 slid 0.57%, and Apple shares fell over 3% after Barclays’ ‘underweight’ downgrade. However, the Dow Jones Industrial Average remained steady due to gains in defensive stocks like Johnson & Johnson and Merck.

Market participants closely monitor upcoming events, including the release of the USD ISM Manufacturing PMI, USD JOLTS Job Openings, USD ISM Manufacturing Prices, and the USD FOMC Meeting Minutes, all scheduled for later today.

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