Asian stocks drop as tech tracks weak US earnings; China remains on backfoot

Investing.com-- Most Asian stocks fell on Wednesday, weighed by renewed losses in the technology sector as key overnight earnings in the U.S. underwhelmed, while sentiment towards China also showed few signs of improving.

Tesla was seen grappling with softening sales and mounting expenses as it diverted more resources towards artificial intelligence and self-driving technology. Chinese markets saw an extended rout in recent sessions as sentiment towards the country soured in the wake of disappointing economic readings, especially data that showed slower-than-expected growth in the second quarter.

Uncertainty over the U.S. presidential race also weighed on sentiment towards China, as investors speculated over just what a change in U.S. administration will entail for Washington’s stance towards the country.index fell 0.4%, with losses limited by some signs of improvement in the Japanese economy. While PMI data showed a contraction inindex fell 0.1%, with the index facing some weakness as investors balked at the increased capital gains taxes outlined in the government’s 2024 budget.

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