{"id":68896,"date":"2024-04-03T18:37:55","date_gmt":"2024-04-03T07:37:55","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=68896"},"modified":"2025-11-10T22:00:56","modified_gmt":"2025-11-10T11:00:56","slug":"wednesday-3rd-april-2024-asian-markets-decline-as-ev-stocks-falter","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/wednesday-3rd-april-2024-asian-markets-decline-as-ev-stocks-falter\/","title":{"rendered":"Wednesday 3rd April 2024: Asian markets decline as EV stocks falter\u00a0"},"content":{"rendered":"\n<h3><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei down 0.98%, Shanghai Composite down 0.18%, Hang Seng down 1.28% ASX down 1.34%<\/li>\n\n\n\n<li>Commodities : Gold at $2292.5 (0.56%), Silver at $26.47 (1.92%), Brent Oil at $89.03 (0.18%), WTI Oil at $85.25 (0.08%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.38, UK 10-year yield at 4.14, Germany 10-year yield at 2.399<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Factory Orders m\/m 1.4% vs 1.1% expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asian-Pacific stocks experienced a downturn on Wednesday, following Wall Street&#8217;s decline the previous night, particularly affecting electric vehicle (EV) manufacturers due to demand concerns. Shares of Chinese EV maker BYD dropped 2.5% after reporting a significant 43% decrease in first-quarter sales compared to the previous quarter. Hong Kong&#8217;s Hang Seng index fell 1.3%, with Nio and Li Auto, other EV companies, also experiencing declines.<\/p>\n\n\n\n<p>Tesla faced a similar fate, with first-quarter vehicle deliveries plummeting 8.5% compared to the previous year, resulting in a 5% drop in its share value overnight. Despite China&#8217;s service sector registering its quickest expansion since December, the CSI 300 index still saw a decrease of 0.29%. Taiwan was impacted by a powerful earthquake, resulting in a 0.63% drop in the Taiwan Weighted Index.<\/p>\n\n\n\n<p>In Japan, the Nikkei 225 index fell 0.97%, closing at 39,451.85, while the Topix index declined 0.29% to reach 2,706.51. South Korea&#8217;s Kospi index witnessed a decline of 1.68%, closing at 2,706.97, with the small-cap Kosdaq experiencing a 1.30% decrease, ending at 879.96. Australia&#8217;s S&amp;P\/ASX 200 index dropped 1.3% to reach 7,785.4, extending its losses from the previous session.<\/p>\n\n\n\n<p>The negative sentiment from Wall Street persisted due to last week&#8217;s stubborn inflation figures and strong economic data on Monday, leading to higher Treasury yields and reduced expectations of a June interest rate cut by the U.S. Federal Reserve. The Dow Jones Industrial Average experienced a second consecutive day of decline, closing nearly 400 points lower, marking a 1% decrease, while the S&amp;P 500 slid 0.72%, representing the worst day for both indices since March 5. The Nasdaq Composite also witnessed a decline of 0.95%.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:15 PM GMT &#8211; USD ADP Non-Farm Employment Change<\/li>\n\n\n\n<li>2:00 PM GMT &#8211; USD ISM Services PMI<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asian-Pacific stocks experienced a [&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\/68896"}],"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=68896"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/68896\/revisions"}],"predecessor-version":[{"id":68912,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/68896\/revisions\/68912"}],"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=68896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=68896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=68896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}