Asian stocks tumble as tech rout spills over; China shares test 5-mth lows

Investing.com-- Asian stocks fell sharply on Thursday, tracking an overnight rout on Wall Street as weak earnings from major technology companies drove outsized losses in the sector.

The tech sector was already nursing steep losses over the past week, as it was slammed by profit-taking after a major melt-up over the past year. Expectations of interest rate cuts, specifically in the U.S., also sparked a rotation into more economically sensitive sectors.index fell 0.3%, pointing to a negative open as the index also grappled with a high degree of profit-taking in recent sessions.

Surprise interest rate cuts in the country also did little to improve sentiment. Reports on Thursday showed that several state-owned Chinese banks had lowered borrowing costs following a surprise reduction in the loan prime rate earlier this week.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.

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