SoftBank plunges over 10% as Asia markets track Wall Street’s stunning reversal in AI stocks
A woman uses her cell phone as she passes the logo of Japan’s telecommunications giant SoftBank on December 25, 2013 in Tokyo.
Toru Yamanaka | Afp | Getty Images
technology conglomerate SoftBank It tumbled more than 10% on Friday as U.S. technology stocks tumbled and losses across the region followed investors’ hopes for a Fed rate cut in December.
of japan Nikkei 225 While it lost 1.57% at the opening, the Topix index lost 0.72%. Other technology stocks in the index fell; Advantest lost more than 9%, Tokyo Electron lost about 6%, Lasertec lost about 5% and Renesas Electron lost 1.95%.
Japan’s core inflation in October rose at the highest rate since July, in line with market forecasts on Friday, supporting the argument for a rate hike by the Bank of Japan.
South Korea’s Kospi index lost value by 4.09%, while the small-scale Kosdaq decreased by 3.01%. Kospi heavyweights Samsung Electronics and SK Hynix fell as much as 4% and 9%, respectively.
Australia’s S&P/ASX 200 index fell 1.3%.
Hong Kong Hang Seng index futures settled at 25,460, below the HSI’s last close of 25,835.57.
overnight in the USA, Seer And AMD was among the first AI games to fall into the red in the session, and was subsequently Nvidiait reversed gains and closed almost 3% lower.
Stronger-than-expected US employment data renewed doubts about whether the central bank will cut its benchmark overnight interest rate. Traders are pricing in a roughly 40% chance of a quarter-point cut next month. CME on FedWatchThis is a setback for investors hoping for lower borrowing costs.
In the U.S. on Thursday, the Nasdaq Composite fell 2.16% from a 2.6% gain at one point in the session.
Other major indices also fell; The Dow Jones Industrial Average fell 0.84%. The S&P 500 lost 1.56% despite rising as much as 1.9% earlier in the day.
—CNBC’s Liz Napolitano, Pia Singh and Alex Harring contributed to this report.
