SYDNEY : Asian shares extended losses on Thursday as troubles at U.S. lender First Republic Bank continued to unnerve investors amid concerns that growth in the world's biggest economy could very well surprise to the downside. MSCI's broadest index of Asia-Pacific shares outside Japan were 0.3 per cent lo
SYDNEY : Asian shares extended losses on Thursday as troubles at U.S. lender First Republic Bank continued to unnerve investors amid concerns that growth in the world's biggest economy could very well surprise to the downside.
But tech giants bucked the gloom, with Nasdaq futures up 0.4 per cent in early Asian hours as Facebook owner Meta soared 12 per cent after the bell with its earnings beat. Intel and Amazon will report their results later today. Investors are waiting to see whether it can find buyers for assets and engineer a turnaround after CNBC reported that U.S. government officials are currently unwilling to intervene.
Overnight, Nasdaq notched a 0.5 per cent gain on tech, while the S&P 500 and the Dow were pulled lower by weakness in economically sensitive sectors, hinting at mounting recession jitters. That suggests there may be a downside risk to U.S. first-quarter GDP data, due later on Thursday, with analysts polled by Reuters tipping an expansion of 2 per cent. Wells Fargo lowered its forecast for U.S. GDP growth by 100 basis points to a 0.8 per cent rise.
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