Japan, Tokyo city skyline, Tokyo Tower.
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Asia-Pacific markets fell on Friday after U.S. tech stocks stalled and investors’ hopes for a December interest rate cut by the U.S. Federal Reserve faded.
Japanese Nikkei Stock Average The TOPIX index ended the day flat, falling 2.4% to close at 48,625.88.
technology conglomerate Softbank It fell more than 10%. Other tech stocks in the index also fell, with Advantest down 12.1%, Tokyo Electron down more than 7%, Lasertec down more than 5% and Renesas Electron down 2.65%.
Japan’s core inflation rate in October was in line with market expectations on Friday, marking the sharpest rise since July, confirming the Bank of Japan’s rationale for raising interest rates.
South Korea’s Kospi index pared losses, falling 3.79% to close at 3,853.26, while the small-cap Kospi index fell 3.14% to 863.95. A key figure in Kospi samsung electronics SK Hynix fell by 5.77% and 8.76%, respectively.
Australia’s S&P/ASX 200 index fell 1.59% to 8,416.5.
hong kong Hang Seng Index The Hang Seng Tech Index fell by 2.38% to close at 25,220.02, while the Hang Seng Tech Index fell by 3.21% to close at 5,395.49. Technology major Baidu fell 5.79%, while Tencent traded 1.77% lower.
Hang Seng Auto stock also fell. Chinese electric car maker BYD fell 2.57%, while Nio and lee auto They fell more than 4% and 2%, respectively.
The mainland CSI 300 continued its decline, ending 2.44% lower at 4,453.6.
India’s Nifty 50 index was trading 0.34% lower, while the BSE Sensex index was trading 0.29% lower.
Meanwhile, Bitcoin extended its decline to $83,829.94, its lowest level in seven months. Ether hit its lowest since July before recouping some of its losses, last down 4.09% to $2,719.56.
Spending the night in America oracle and AMD AI play was one of the first to go into the red in the session, followed by others. Nvidiawhich turned higher and closed nearly 3% lower.
Better-than-expected U.S. jobs data has reignited doubts about whether the central bank will cut its benchmark overnight interest rate. Traders were pricing in about a 40% chance of a 15 percentage point rate cut next month, according to the CME FedWatch tool, a setback for investors who had hoped for lower borrowing costs.
The Nasdaq Composite Index fell 2.16% on Thursday, down from a 2.6% rise in early trading.
Other major indexes also fell, with the Dow Jones Industrial Average dropping 0.84%. The S&P 500 fell 1.56% after rising as much as 1.9% earlier in the day.
—CNBC’s Liz Napolitano, Pia Singh and Alex Harring contributed to this report.
