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GLOBAL MARKETS-Asian markets set for decline again as U.S. tech stocks falter

Published 09/11/2020, 07:49 AM
Updated 09/11/2020, 07:50 AM
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By Jessica DiNapoli
NEW YORK, Sept 10 (Reuters) - Asian markets were expected to
fall on Friday in response to declines in technology stocks that
began last week and growing concerns about another round of
negotiations on the UK's departure from the European Union.
"It's another day of declines, broad-based declines," said
Kyle Rodda, a markets analyst at IG Markets. "We're still caught
in that storm where markets are trying to reprice themselves. In
the big picture, we're a one-story market now, the big tech
correction.
“The other thing today is the narrative with Brexit. That
seems to be spiraling into another two to three months where
we'll be seeing if there will be a hard Brexit or not. It's
almost like an annual event now."
The European Union told Britain on Thursday it should
abandon a plan to break their divorce treaty, but Prime Minister
Boris Johnson's government refused and moved forward with a
draft law that could sink four years of Brexit talks.
Australian S&P/ASX 200 futures YAPcm1 were down 1.34%,
while Japan's Nikkei 225 futures NKc1 were up 0.28%.
The Nikkei 225 index .N225 closed up 0.88% at
23,235.47​​​​ on Thursday. The futures contract is down 0.76%
from that close​.
Hong Kong's Hang Seng index futures .HSI .HSIc1 were
mostly unchanged.
MSCI's gauge of stocks across the globe .MIWD00000PUS was
roughly flat.
On Wall Street on Thursday, the Dow Jones Industrial Average
.DJI fell 405.89 points, or 1.45%, to 27,534.58, the S&P 500
.SPX lost 59.77 points, or 1.76%, to 3,339.19 and the Nasdaq
Composite .IXIC dropped 221.97 points, or 1.99%, to 10,919.59.
Names that have rallied since March lows, such as Apple Inc
AAPL.O , Microsoft Corp MSFT.O and Amazon.com AMZN.O , all
fell at least 2.8%.
The euro rose to a one-week high against the dollar on
Thursday after European Central Bank President Christine Lagarde
suggested the ECB was unlikely to undertake measures to weaken
the euro despite its recent gains. Oil prices slid again after U.S. data showed a build in
crude stockpiles last week stemming in part from ongoing
reductions at refineries along the Gulf of Mexico after
Hurricane Laura. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Global assets http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
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