SYDNEY : Asian shares fell on Friday after Tesla and Netflix weighed on U.S. tech shares after their earnings reports, while the dollar and Treasury yields held their gains ahead of an action-packed week that could see the end of the U.S. tightening cycle.As well as the U.S. Federal Reserve meeting next w
SYDNEY : Asian shares fell on Friday after Tesla and Netflix weighed on U.S. tech shares after their earnings reports, while the dollar and Treasury yields held their gains ahead of an action-packed week that could see the end of the U.S. tightening cycle.
Shares of Taiwanese chipmaker TSMC slumped more than 3 per cent on Friday after the world's largest contract chipmaker flagged a 10 per cent drop in 2023 sales. Concerns are also brewing over the health of Chinese property developers, after rating agencies warned Wanda Commercial could default on its debt repayment.
"In the tech sector, a classic 'buy the rumour, sell the fact' type reaction played out for Tesla and Netflix," said Tony Sycamore, market analyst at IG. They nudged up the chance of a second increase from the Fed by November to 33 per cent, and slightly pared back the size of rate cuts next year to just under 100 basis points.
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