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Asia Mixed as Tech Stocks Dip on Intel Probe
28 Nov
Summary
- Asian stocks showed mixed performance due to China's disappointing industrial profits data.
- Tech stocks led losses amid an investigation into alleged trade secret leaks at Intel.
- Gold prices advanced for the fourth month, driven by weakening dollar and rate cut optimism.
Asian stock markets presented a varied picture on Friday, influenced by several key economic and corporate developments. Disappointing industrial profit data from China and news of China Vanke proposing to delay an onshore bond repayment stirred renewed anxieties about the health of China's property sector. Concurrently, technology stocks experienced significant downturns. This slump was largely attributed to raids conducted in Taiwan on the homes of an Intel vice president as part of an inquiry into alleged trade secret leakages to the U.S. chipmaker.
In other market movements, gold prices were on track to achieve their fourth consecutive monthly increase. This rise was bolstered by a weakening U.S. dollar, fueled by investor optimism regarding the Federal Reserve's potential interest rate cuts anticipated in December. Conversely, oil prices were set for their longest streak of monthly losses in over two years, reflecting persistent concerns about global oversupply.
Amidst these trends, China's Shanghai Composite index saw a modest uptick of 0.34 percent, closing at 3,888.60, following an upgraded recommendation for Chinese stocks by JPMorgan Chase & Co. Hong Kong's Hang Seng index, however, slipped by 0.34 percent to 25,858.89. Notably, Alibaba Group Holding shares advanced 0.6 percent after the company launched its AI-powered smart glasses in China.
