Chip Stocks Drag Asian Indexes Lower, European Futures Fall After Wall Street Selloff - What Analysts Are Saying
Chip shares led to a decline in Asian indexes and European futures following the steepest selloff in a month on Wall Street, wiping $279 billion from Nvidia's market value. Oil hit year-to-date lows in Asia trade, yen rose, Japanese stocks fell over 3%, and regional shares ex-Japan dropped nearly 2%.
BRITNEY LAM, PORTFOLIO MANAGER, MAGELLAN CAPITAL, DUBAI: The macro backdrop in the U.S. and China is wobbly, with chip demand already priced in. It's like riding a rollercoaster, with incremental growth slowing down.
TAI, ASIA CHIEF MARKET STRATEGIST, J.P. MORGAN ASSET MANAGEMENT, HONG KONG: Investors question how quickly AI development can deliver returns and if valuations are too optimistic.
NICK FERRES, CIO, VANTAGE POINT ASSET MANAGEMENT, SINGAPORE: ISM manufacturing index indicates a deteriorating growth outlook, and equities may face a drawdown phase.
JUN BEI LIU, PORTFOLIO MANAGER, TRIBECA, SYDNEY: Equity market is fundamentally sound, with opportunities for investors in the coming months.
STEVEN LEUNG, EXECUTIVE DIRECTOR OF INSTITUTIONAL SALES, UOB KAY HIAN, HONG KONG: Hong Kong market is weak due to U.S. economic concerns, leading to a fundamental issue.
JASON TEH, CIO, VERTIUM ASSET MANAGEMENT, SYDNEY: Fed rate cuts may not be enough to prevent a market sell-off, with Nvidia's performance signaling a potential bear market.
MICHAEL ARONE, SPDR CHIEF STRATEGIST, STATE STREET GLOBAL ADVISORS, BOSTON: Rotation away from tech stocks towards broader leadership due to falling interest rates and inflation.
SAM STOVALL, CHIEF INVESTMENT STRATEGIST, CFRA, NEW YORK: Investors anticipate declines in September and October, leading to cautious trading.
STEVE SOSNICK, MARKET STRATEGIST, INTERACTIVE BROKERS, GREENWICH, CT: Concerns about shrinking earnings beats and weaker manufacturing sector weigh on investor sentiment.
MICHAEL GREEN, PORTFOLIO MANAGER, SIMPLIFY, SAN FRANCISCO BAY AREA: Over-allocation to Nvidia and other names may lead to significant sell-offs.
In summary, the market is reacting to global economic concerns, slowing growth indicators, and uncertainty about the future of technology stocks. Investors should be cautious and consider rebalancing their portfolios to mitigate risks and capitalize on potential opportunities in the coming months. Title: Uncovering the Best Investment Opportunities in Today's Financial Market
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