- Investors in Hong Kong, China, and Taiwan are eagerly anticipating chipmaker Nvidia’s quarterly earnings report, as these regions contributed over 45% of Nvidia’s revenues in the third quarter.
- Japan’s exports surged by 11.9% in January, driven by strong demand for chip-making machinery in China and solid gains in exports to the United States and Europe. Meanwhile, Hong Kong’s Hang Seng gained 2.4% and the Shanghai Composite rose nearly 2.0%, driven by gains in the Tech Index.
- The S&P 500 fell 0.6% on Tuesday, with technology stocks, especially chip makers, being the biggest drag on the market. Nvidia’s slump of 4.4% had a significant impact on the index’s performance in the short term.
Asian stocks were mixed on Wednesday after tech shares pulled Wall Street lower, with investors awaiting quarterly earnings from chip giant Nvidia.
Japan’s Nikkei 225 dropped 0.3%, while the Hang Seng Index in Hong Kong added 0.3%. South Korea’s Kospi was up 0.2%, and Australia’s S&P/ASX 200 gained 0.4%. However, the Shanghai Composite in China fell 0.8%.
The mixed performance in Asian markets came after a tech-led sell-off on Wall Street, with the Nasdaq Composite falling 2.2% on Tuesday. This was driven by concerns about rising inflation and potential interest rate hikes, which could impact high-growth tech stocks.
Investors are now eagerly anticipating the release of quarterly earnings from Nvidia, one of the world’s leading chipmakers. The company is expected to report strong results, with demand for its products remaining robust despite global supply chain challenges.
“Tech stocks have been under pressure recently due to concerns about valuations and potential interest rate hikes, but strong earnings from Nvidia could provide some support for the sector,” said an analyst.
The performance of Asian stocks has been closely tied to movements in the US tech sector, and investors will be closely watching Nvidia’s earnings for any indication of future growth prospects.
Overall, the mixed performance in Asian markets reflects the ongoing uncertainty and volatility in global financial markets, as investors grapple with a range of economic and geopolitical challenges.