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[MARKET ANALYSIS] Asian tech stocks rebound from Friday's selloff; Nvidia falls in overnight trade as investigation gets underway

Newsquawk Staff ·

  • Asia-Pac stocks start the week on a broadly positive footing, as tech names follow the price action seen in their US peers on Friday. Despite the bounce, analysts see this as short-lived, as flows suggest that investors used Friday’s bounce to cut risk on both sides.
  • ASX 200 is the slight laggard, as it is the only index printing losses. Another big bank reported earnings, with ANZ’s FY cash profit slightly beating estimates; however, shares are lower.
  • Nikkei 225 is the outperformer, printing gains of over 2% and regaining the 58k mark.
  • KOSPI initially lower by as much as 1%, but since reversed course and currently edges towards the 5100 handle.
  • Shanghai Comp. and Hang Seng opened higher, in line with the broader market sentiment. Inflation metrics were mixed for October, with headline CPI Y/Y printing at 0.7% (exp. 0.8%) while the PPI metric accelerated to 5.7% (exp. 5.3%).
  • US equity futures opened mixed, with the NQ initially lower by as much as 1%. The main catalyst was the statement from Nvidia, with the Board initiating an independent investigation following reports that CEO Jensen Huang has been targeted by a foreign intelligence operation. Shares of Nvidia are lower by over 4% in overnight trade.
  • European equity futures are indicative of a muted open with the Euro Stoxx 50 future flat after cash closed -1.1% on Friday.

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