{"id":67272,"date":"2024-01-03T18:09:33","date_gmt":"2024-01-03T07:09:33","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=67272"},"modified":"2025-11-10T22:15:09","modified_gmt":"2025-11-10T11:15:09","slug":"wednesday-3rd-january-2024-asian-markets-stumble-as-apple-downgrade-sparks-tech-sell-off","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/wednesday-3rd-january-2024-asian-markets-stumble-as-apple-downgrade-sparks-tech-sell-off\/","title":{"rendered":"Wednesday 3rd January 2024: Asian Markets Stumble as Apple Downgrade Sparks Tech Sell-Off"},"content":{"rendered":"\n<h3>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei down 0.23%, Shanghai Composite up 0.18%, Hang Seng down 0.91% ASX down 1.37%<\/li>\n\n\n\n<li>Commodities : Gold at $2070.5 (-0.17%), Silver at $23.83 (-0.54%), Brent Oil at $75.42 (0.03%), WTI Oil at $70.37 (0.07%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 3.958, UK 10-year yield at 3.660, Germany 10-year yield at 2.074<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Final Manufacturing PMI 47.9 vs 48.4 expected<\/li>\n\n\n\n<li>(GBP) Final Manufacturing PMI 46.2 vs 46.4 expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Stock markets across the Asia-Pacific region saw a downturn as major tech companies, particularly chipmakers, faced pressure following Barclays&#8217; downgrade of Apple. The iPhone maker&#8217;s shares dropped 4% after Barclays revised its rating to &#8216;underweight&#8217; and slashed the price target to $160 from $161. This impacted Apple suppliers in key Asian markets, dragging down indexes in South Korea and Taiwan. South Korea&#8217;s Kospi closed 2.34% lower, with tech and chip stocks like Samsung Electronics and SK Hynix falling about 3% each. Taiwan&#8217;s market shed 1.65%, with Taiwan Semiconductor Manufacturing Company down 2.53% and Foxconn dropping 0.48%.<\/p>\n\n\n\n<p>India&#8217;s factory activity for December fell below expectations, recording an 18-month low in the Purchasing Managers Index (PMI) at 54.9, below the anticipated 55.9. Australia&#8217;s S&amp;P\/ASX 200 retreated 1.37% after reaching an all-time high the previous day. Hong Kong&#8217;s Hang Seng index fell 0.97%, and China&#8217;s CSI 300 slipped 0.26%.<\/p>\n\n\n\n<p>Japan&#8217;s markets remained closed due to a tragic incident at Tokyo&#8217;s Haneda airport, where a collision between a Japan Airlines flight and a coast guard aircraft resulted in five deaths. The Coast Guard aircraft was en route for earthquake relief in Niigata prefecture following the New Year&#8217;s Day earthquake in Japan.<\/p>\n\n\n\n<p>In the US, the Nasdaq Composite dropped 1.63%, the S&amp;P 500 slid 0.57%, and Apple shares fell over 3% after Barclays&#8217; &#8216;underweight&#8217; downgrade. However, the Dow Jones Industrial Average remained steady due to gains in defensive stocks like Johnson &amp; Johnson and Merck.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>3:00 PM GMT &#8211; USD ISM Manufacturing PMI<\/li>\n\n\n\n<li>3:00 PM GMT &#8211; USD JOLTS Job Openings<\/li>\n\n\n\n<li>3:00 PM GMT &#8211; USD ISM Manufacturing Prices<\/li>\n\n\n\n<li>7:00 PM GMT &#8211; USD FOMC Meeting Minutes<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Stock markets across the [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/67272"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=67272"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/67272\/revisions"}],"predecessor-version":[{"id":67274,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/67272\/revisions\/67274"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=67272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=67272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=67272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}