Asian shares stagnant; holidays minimize tech plunge
Asian share markets traded cautiously for four consecutive sessions on Wednesday. This followed after investors’ sentiment was dampened by a tech selloff in Wall Street and rising interest rates in the United States.
Holidays in Japan, China, and South Korea restricted shares from plunging, making MSCI’s broadest index of Asia-Pacific shares outside Japan stagnant. Japan’s benchmark index Nikkei was off, but its futures were seen at 28,735.
Futures for the Nasdaq steadied after a sharp decrease overnight. S&P 500 e-minis traded 0.1% higher. The Nasdaq was seen 1.9% lower on Tuesday as some tech giants ran into profit-taking. Meanwhile, stretched valuations were put under pressure after U.S. Treasury Secretary Janet Yellen said rate hikes are necessary to prevent the economy from overheating.