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Stock market today: Japan leads losses in Asia after sharp decline on Wall St driven by Big Tech

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Asian stocks are mostly lower, with Japan’s benchmark Nikkei losing over 2% in early trading.

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Currency traders talk near the screen showing the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, Friday, Nov. 1, 2024. Factory activity in China went back into growth in October, with the official manufacturing purchasing managers’ index released Thursday reaching 50.1,Australia’s S&P/ASX 200 dropped 0.8% to 8,093.80 after its producer price index in the third quarter rose 3.9% year-on-year, a return to below 4.0% annual growth for the first time since September 2023, according to data from the Australian Bureau of Statistics.

Microsoft reported bigger profit growth for the latest quarter than analysts expected. Its revenue also topped forecasts, but its stock nevertheless sank 6% as investors and analysts scoured for possible disappointments.

 

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