Sharp decline in the stock market in Asia – E24

The case is updated.

Wall Street’s Wednesday night campaign extended to Asian stock markets in the morning.

This image is in the Asia Pacific region around 05.50:

• The Nikkei 225 was down 2.50 percent
• Hong Kong’s Hang Seng is down 2.29 percent
• Kospi in Seoul is down 1.3 percent
• The Shanghai Composite Index fell 0.08 percent
• FTSE Straits Times Index is up 0.99%
• Sydney’s ASX 200 is down 1.4 per cent

Among the losers on Thursday was Chinese information technology company Tencent, down nearly 7 percent. Retreat comes after one Quarterly report showing a halving from the previous year.

On the other hand, investors are worried that inflation will take away and damage profits, and change the rating in stock markets, which is obviously very harmful to investors. But on the other hand, they are equally concerned about growth opportunities, said Konin, AIA’s Chief Investment Officer, CNBC Thursday.

Only two bourses in the Asia-Pacific region are in positive territory so far this year when trading closes on Wednesday, according to the British newspaper The Guardian. CNBC.

Singapore’s stock market is up 3.25 percent this year. The Indonesia Stock Exchange is the second safe haven for stocks in the region, with the Jakarta Composite Index rising 3.22 percent.

Worst year for the S&P 500

Wednesday was a heavy trading day on Wall Street.

The S&P 500 saw its worst drop since June 2020 and the Nasdaq fell 4.73 percent.

Among the major tech stocks, it was worse for e-commerce giant Amazon and electric car company Tesla, which both fell about seven percent.

Supermarket giant Target fell 24.93 percent on Wednesday, after the company delivered an unfortunate quarterly report. Thus the target was the worst day since October 19, 1987, which is often referred to as “Black Monday”.

Retail businesses have done well during the pandemic and fared better than estimates. And although the sales of these companies continue to grow, the costs are doing the same, and the results have fallen dramatically, says Ness before continuing;

– This indicates that the austerity measures of the central bank and inflation are starting to have an effect.

Disappointing Cisco report

Information technology giant Cisco Systems, which is listed in the United States and has factories in China, provided numbers on Wednesday that, according to the company, were marked by a shutdown in the latter country.

We see continued strong demand for our technology and the transformation of our business is progressing well. While the coronavirus shutdowns in China and the war in Ukraine affected our sales in the quarter, the underlying drivers of our business are strong and we remain confident in the long-term, CEO and Chairman Chuck Robbins says in a comment.

The company reported adjusted earnings of $0.87 per share in its third accounting quarter, according to the company’s quarterly report on Wednesday.

Revenue was $12.8 billion in the quarter, compared to $13.34 billion expected, according to the Refinitive consensus.

For the current quarter, the company is driving adjusted earnings per share of $0.76 to $0.84, versus the $0.92 forecast.

Cisco Systems shares fell 4.4 percent in regular trading on Wednesday and fell 12.8 percent in after-sales services.