{"id":70978,"date":"2024-07-18T16:23:43","date_gmt":"2024-07-18T06:23:43","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=70978"},"modified":"2025-11-10T21:40:21","modified_gmt":"2025-11-10T10:40:21","slug":"thursday-18th-july-2024-asia-pacific-markets-plunge-on-chip-stock-declines","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/thursday-18th-july-2024-asia-pacific-markets-plunge-on-chip-stock-declines\/","title":{"rendered":"Thursday 18th July 2024: Asia-Pacific Markets Plunge on Chip Stock Declines"},"content":{"rendered":"\n<h3>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei down 2.51%, Shanghai Composite up 0.32%, Hang Seng up 0.51% ASX down 0.27%<\/li>\n\n\n\n<li>Commodities : Gold at $2469.5 (0.47%), Silver at $30.61 (0.84%), Brent Oil at $85.13 (0.57%), WTI Oil at $81.99 (0.71%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.169, UK 10-year yield at 4.110, Germany 10-year yield at 2.418<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Building Permits&nbsp; 1.45M vs 1.40M expected<\/li>\n\n\n\n<li>(USD) Housing Starts&nbsp; 1.35M vs 1.30M expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets declined sharply due to a fall in chip-related stocks following stricter U.S. export restrictions and comments from former U.S. President Donald Trump, increasing geopolitical tensions. Japan&#8217;s Nikkei 225 fell by 2%, and the Topix index decreased by 1.17%. Tokyo Electron shares dropped around 10%, with other chip-related stocks like Advantest and Organo falling nearly 5% and 3%, respectively. South Korea&#8217;s Kospi index dipped by 1.26%, and the small-cap Kosdaq lost 0.9%, with Samsung Electronics down nearly 2%.<\/p>\n\n\n\n<p>Taiwan Semiconductor Manufacturing Company (TSMC) shares dropped more than 3%, leading the Taiwan Weighted Index to fall by 2%. The Nasdaq Composite in the U.S. fell nearly 2.8% overnight, marking its worst day since December 2022, as investors favored rate-sensitive stocks over large tech companies amid hopes for possible rate cuts following Federal Reserve Chair Jerome Powell&#8217;s comments on maintaining higher rates for longer.<\/p>\n\n\n\n<p>In Asia, Japan&#8217;s latest trade data showed exports increased by 5.4% year on year in June, down from 13.5% in May, while imports grew by 3.2%, down from 9.5% in May. Both exports and imports missed expectations. Japan&#8217;s trade balance shifted from a 1.2 trillion yen ($7.7 billion) deficit in May to a 224 billion yen surplus. Hong Kong&#8217;s Hang Seng index and China&#8217;s CSI 300 were exceptions, with stocks rising by 0.5% and 0.31%, respectively.<\/p>\n\n\n\n<p>Australia&#8217;s S&amp;P\/ASX 200 declined by 0.27% after the unemployment rate rose slightly to 4.1% in June. Employment increased by around 50,000 people, while the number of unemployed rose by 10,000. In the U.S., the Dow Jones Industrial Average gained 243.60 points, or 0.59%, to close at 41,198.08, while the S&amp;P 500 fell by 1.39%, with the information technology and communication services sectors being the weakest performers.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:15 PM GMT &#8211; EUR Main Refinancing Rate<\/li>\n\n\n\n<li>12:15 PM GMT &#8211; EUR Monetary Policy Statement<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Unemployment Claims<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Philly Fed Manufacturing Index<\/li>\n\n\n\n<li>12:45 PM GMT &#8211; EUR ECB Press Conference<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets declined sharply [&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\/70978"}],"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=70978"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70978\/revisions"}],"predecessor-version":[{"id":70981,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70978\/revisions\/70981"}],"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=70978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=70978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=70978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}