Global shares subdued after US tech earnings disappoint

global-shares-subdued-after-us-tech-earnings-disappoint
Global shares subdued after US tech earnings disappoint

Global stocks were subdued on Friday as Tesla and Netflix reported earnings that failed to impress investors. Additionally, the upcoming week is expected to be action-packed with central bank interest rate decisions. The MSCI World index and Europe’s STOXX 600 remained steady, while tech stocks in Europe and Asia experienced declines following the post-earnings drops in Tesla and Netflix. Taiwan’s TSMC, the world’s largest chipmaker, saw its shares fall after warning of a drop in 2023 sales and reporting its first quarterly profit decline since 2019. The Nasdaq also experienced its biggest one-day loss since March, as investors took profits amid concerns about tech stock valuations. The market’s recent overbought condition was highlighted, with some experts suggesting that those who haven’t participated in the market have missed out. The Nasdaq 100 is set for a special rebalancing, which may cause some unusual price action in tech mega-caps. The rebalancing is designed to reduce the heavy weightings of tech giants like Microsoft and Apple. However, tech investors are expected to view any sustained price weakness as an opportunity to buy. In the currency market, the dollar is poised for its largest one-day rise against the yen in a month, as sources suggest that the Bank of Japan is leaning towards maintaining its yield-control policy. The U.S. Federal Reserve and the European Central Bank are set to meet next week, with both expected to raise rates. The Fed’s outlook will be closely watched as it balances above-target inflation and the potential for rate hikes to impact the economy. Bond markets settled down after an unexpected drop in weekly unemployment claims, and futures trading indicated a positive start for the S&P and Nasdaq 100. Oil prices were higher, while gold prices remained flat.

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Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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