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Views Article – Sharenet Wealth

Asia, Forex

Stocks fall as tech shares drop, economic data worsen

* Dour global data keep mood cautious

* South Korea stocks fall 1% on Seoul-Tokyo tensions

* Chinese shares lifted by U.S.-China trade optimism

By Agamoni Ghosh

July 24 (Reuters) – Emerging-market shares fell on Wednesday as tech stocks came under pressure from a U.S. investigation of technology companies, while weak data in some major economies aggravated concerns over global growth.

Developing-world tech stocks, dominated by Asian listings, fell 0.5% to end three days of gains after the U.S. Justice Department said it was opening an antitrust investigation of major digital firms.

However, Chinese and Hong Kong stocks got a boost from progress on U.S.-China trade. White House economic adviser Larry Kudlow said on Tuesday it was a good sign that top U.S. officials would travel to China to discuss reviving stalled trade talks.

Offsetting the trade optimism were global growth worries after economic data from the euro zone and Japan were released .

“Global growth has already been stifled by the protracted impasse between the world’s two largest economies,” said Han Tan, market analyst at FXTM.

“While the resumption of trade talks appears to mitigate any near-term deterioration in U.S.-China tensions, prudent investors will not get carried away, seeing as a meaningful deal still seems a long way off at this point in time,” he added.

South Korean stocks fell nearly 1% as chipmakers shed recent gains. Trade tensions between Seoul and Tokyo over compensation for wartime forced labourers showed scant signs of abating.

Indices in Mumbai , Moscow and Johannesburg all fell 0.3% to 0.6%.

Currencies in the developing world gained, with Russia’s rouble rising along with crude oil prices.

South Africa’s rand also rose after June inflation data came in better than expected.

In emerging Europe, Hungary’s forint gained 0.2%, a day after the central bank left interest rates unchanged and affirmed its accommodative stance.

Investors are now looking to a European Central Bank meeting on Thursday, amid expectations it may cut interest rates.

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see (Reporting by Agamoni Ghosh in Bengaluru, editing by Larry King)


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