AI stocks valuation, China October trade data

Asia-Pacific markets opened lower on Friday, tracking declines on Wall Street due to ongoing concerns about high valuations in artificial intelligence stocks.

Shares of major artificial intelligence companies fell in the US on Thursday, weighing on the broader US market. The biggest declines came from: Nvidia, Microsoft, Palantir Technologies, broadcom And Advanced Micro Devices.

Japan’s reference point Nikkei 225 The index fell 1.38 percent at the opening. Shares of AI-related stocks drifting in the index: SoftBank semiconductor test equipment maker Advantest lost nearly 8%, while chip maker Advantest lost more than 6% Renesas Electronics It fell 4%, and chip manufacturing equipment maker Tokyo Electron fell 1.56%.

Topix index decreased by 0.5 percent.

South Korea’s Kospi index lost 0.46%, while the small-cap Kosdaq lost 0.92%.

Australia’s S&P/ASX 200 index fell 0.27%.

Investors in Asia are awaiting China’s October trade data to be released later in the day. Economists surveyed by Reuters expect exports to slow down to 3% on an annual basis from the 8.3% increase in September, while imports are expected to fall from 7.4% to 3.2%.

This comes as weak domestic demand continues to weigh on a prolonged recession in the housing sector, rising job insecurity and the impact of tapering consumption-focused stimulus measures.

Hong Kong futures Hang Seng Index It marked a lower open, trading at 26,436 compared to the index’s previous close of 26,485.9.

U.S. futures rose in early Asian trading following Thursday’s tech sell-off.

The Dow Jones Industrial Average closed at 46,912.30, losing 398.70 points, or 0.84%, overnight. While the S&P 500 index was traded at 6,720.32 points with a loss of 1.12 percent, the Nasdaq Composite index was traded at 23,053.99 points with a decrease of 1.9 percent.

— CNBC’s Sean Conlon and Sarah Min contributed to this report.