The wave of profit-taking in U.S. Big Tech and AI stocks appears to be gathering momentum, which could depress investor sentiment and risk appetite in Asia on Tuesday even if it is offset by a rotation into cheaper, beaten down sectors.
Tuesday's regional economic calendar is light, with the highlights being consumer price inflation from Malaysia, service sector producer prices from Japan, the latest measures of consumer confidence in South Korea and Australia, and trade figures from Hong Kong.) shares slumped 6.7% on Monday, bringing their decline in the last three days to 16%, and weighing heavily on semiconductor and tech shares more broadly.
Currency traders, however, seem unimpressed. The yen appreciated a bit on Monday but only marginally, and it remains within touching distance of the 160 per dollar level that recently pushed Japanese authorities to spend billions of dollars in yen-buying intervention.
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