Asia Pacific Markets Slump Following Tech Rout after Apple’s Downgrade

On Wednesday morning (3 Jan, 9:30 AM, GMT+7, Bangkok time), major indices in Asia Pacific slumped, led by tech stocks in Taiwan and South Korea, after Barclays revised its rating for Apple to underweight, affecting major technology and chipmakers to withstand some pressure.


South Korea’s KOSPI decreased by 1.73% to 2,623.75, and Australia’s ASX 200 edged down by 1% to 7,551.2.

As for stocks in China, Hong Kong’s HSI dropped by 1.16% to 16,594.07. Shenzhen’s SZI declined by 0.55% to 9,349.61, while Shanghai’s SSEC climbed by 0.02% to 2,962.77.


Meanwhile, the US stocks market dropped on Tuesday as NASDAQ fell by 1.63% to 14,765.94. S&P 500 decreased 0.57% to 4,742.83, while the Dow Jones Industrial Average (DJIA) edged up by 0.07% to 37,715.04. VIX increased by 6.02% to 13.2.


As for commodities, oil prices settled lower on Tuesday as concerns on supply disruption by the Red Sea incident were calmed, and expectations for interest rate cuts shrinked. Brent dropped by 1.5% to $75.89 per barrel, and the West Texas Intermediate (WTI) slid by 1.8% to $70.38 a barrel.

This morning, Brent declined further by 0.04% to $75.86 a barrel, and WTI climbed by 0.01% to $70.39 per barrel. 

Meanwhile, gold futures fell by 0.1% to $2,071.4 per Troy ounce.