Top Asian Stocks Retreat as Investors Await Nvidia Earnings | Investing.com
Investing.com-- The Asian stock market took a hit as technology-heavy indexes declined in anticipation of Nvidia's earnings, while Australian stocks dipped due to high inflation. Concerns over China's economy also added pressure to the market sentiment.
The U.S. stock market saw some gains, with the S&P 500 and Dow Jones hitting record highs. However, the Nasdaq lagged behind as investors awaited Nvidia's earnings report.
Tech-heavy Asian markets saw a decline, with South Korea's KOSPI dropping by 0.5% and Japan's JP225 and Hong Kong's Hang Seng losing about 0.3% and 0.8%, respectively. All eyes are on Nvidia's earnings as the company is seen as a bellwether for the AI industry.
Stocks with direct exposure to Nvidia had mixed results, with Taiwan's TSMC remaining flat and Japanese Advantest Corp surging nearly 3%. On the other hand, South Korean SK Hynix Inc and Chinese Semiconductor Manufacturing International Corp both saw declines.
In Australia, the stock market took a hit after consumer price index data came in stronger than expected for July. This raised concerns about a potential rate hike by the Reserve Bank of Australia, as policymakers had warned of such a scenario earlier in August.
Overall, the market sentiment in Asia was cautious, with concerns over China's economy and high inflation in Australia impacting investor confidence. The upcoming earnings reports from major Chinese companies will also be closely watched for further market direction.