Tech continues to underperform to start the week
- Nikkei -2.9%
- Hang Seng -2.1%
- Shanghai Composite -0.3%
- Kospi -1.4%
- ASX 200 -1.0%
After the slump in US stocks yesterday, Asia is taking a similar cue as a sea of red engulfs the region so far today. Of note, the drop in the Nikkei puts the focus back on its 100-day moving average, which it is holding just below for now.
Meanwhile, the more defensive mood in US futures is also not helping thus far:
Equity investors might have gotten a cheer from the US non-farm payrolls release last Friday but as the bond market quickly turned around, so have inflation fears now.
