The tech sector was in focus after about $200 billion was wiped from Apple’s market capitalization in two days on reports of China curbing iPhone use by state employees and on Friday protectionism fears were weighing on shares of suppliers.
“Everything is geared towards the next couple of weeks, with European Central Bank, Federal Reserve and Bank of England meeting. I think they will all sit on their hands,” Hewson said. In Europe, the STOXX index of 600 companies was up 0.2%, though heading for a loss of 0.7% for the week.Patrick Spencer, vice chair of equities at Baird, said investors were trying to guess at what pace the Fed could begin cutting interest rates next year.
MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, but down over 1% for the week. Hong Kong markets were closed for the morning due to storms lashing the city. Japan’s Nikkei fell 1.1%. Tech stocks were already under pressure from U.S. yields that have been rising on bets that U.S. interest rates are likely to linger at 20-year highs, helping to push up the dollar.The yen has found new 10-month lows and, at 147.45 per dollar is heading towards the vicinity of 150, where traders see high risks of authorities stepping in with support.
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