Singapore Markets close in 1 hr 6 mins

Asian Equities Extend Losses; Chip Makers Weigh

Asian equities continued to slip in afternoon trade on Friday

Investing.com – Asian equities continued to slip in afternoon trade on Friday after opening most lower with technology shares under pressure after Taiwan Semiconductor Co Ltd (TWO:5425) (TSMC), Apple’s main chip supplier, slumped as much as 7% after it trimmed its full year revenue target.

In China, the Shanghai Composite and Shenzhen Component fell 1.46% and 1.14% respectively by 1:08AM ET (05:08 GMT). Telecoms group ZTE Corp (HK:0763) called the U.S. ban on American companies selling parts to it “extremely unfair” on Friday, and said that it could not accept the decision. In a filing to the Hong Kong stock exchange on Friday, the company said it “will make active communications and seek legal channels to a solution.” Trade in ZTE shares has been suspended since Tuesday.

China Huarong Asset Management Co Ltd (HK:China Huarong Asset Management Co Ltd (HK:2799) said its chairman Lai Xiaomin, who is under investigation for alleged corruption, had stepped down.

Reports that the U.S. Treasury Department is looking into possibilities of an emergency law to curb Chinese investments in sensitive technologies in the U.S. were said to weigh on the Chinese stocks on Friday.

Reports regarding the trade relations between the U.S. and China garnered some attention in the afternoon. China will retaliate if the U.S. insists on initiating a trade war, said China's ambassador to the United States on Friday.

Meanwhile, Japan’s Nikkei 225 eased 0.03% in afternoon session. Japan's March national CPI figures came in at 0.9%, down from the previous 1.0%.

Separately, Takeda Pharmaceutical Co., Ltd. (T:4502) shares fell 3.83% on Friday after London-listed Shire PLC (LON:SHP) rejected its $63 billion cash-and-stock acquisition offer.

Shire said it had received three offers from Takeda, but decided to reject them all as they “significantly undervalued” the company's values.

Elsewhere, South Korea’s KOSPI slipped 0.2%. Samsung Electronics (KS:KS:005930) Co. fell as much as 2.01%, while SK Hynix Inc (KS:000660) slid as much as 3.53%.

Down under, Australia’s S&P/ASX 200 slipped to 5,864.0.


Related Articles

PwC had cleared Facebook's privacy practices in leak period

P&G's vitamin boost could signal more to come

GM Korea and union to talk again on Friday, seek to stave off bankruptcy

  • Oil prices dip amid expectations of higher U.S. inventories
    Finance
    Reuters

    Oil prices dip amid expectations of higher U.S. inventories

    Oil prices dipped on Tuesday amid expectations of an increase in U.S. crude inventories, but signs of a fall in Iranian oil exports this month kept losses in check. U.S. crude stockpiles were forecast to have risen last week for the fourth straight week, by about 1.1 million barrels, according to a

  • Money makeover: 'How can I be self-employed, pay off my mortgage and retire by 60?'
    Finance
    The Telegraph

    Money makeover: 'How can I be self-employed, pay off my mortgage and retire by 60?'

    "I’ve spent months doing research but still feel like I’m twisting in the wind,” Robert Dodsworth told Telegraph Money.

  • European shares bounce from 22-month low as earnings flow in; Volvo hit
    News
    Reuters

    European shares bounce from 22-month low as earnings flow in; Volvo hit

    MILAN (Reuters) - European shares rose in early trading on Tuesday helped by stronger defensive stocks, as the focus turned to the start of the reporting season which is expected to deliver double-digit earnings growth for the third quarter.

  • Italy unrepentant as it throws down the gauntlet to Brussels over spending
    Finance
    CNBC

    Italy unrepentant as it throws down the gauntlet to Brussels over spending

    Italy unrepentant as it throws down the gauntlet to Brussels over spending|| 105509085

  • Finance
    Associated Press

    New law directs payment companies to store data within India

    A new rule has taken effect in India that directs payment companies to store all transaction data on computers within the country. Foreign payment vendors like American Express, Visa and Mastercard are likely in violation of the law as the deadline ended Monday. Press Trust of India news agency says

  • OPEC says India oil demand to rise by 5.8 million barrels per day by 2040
    Finance
    Reuters

    OPEC says India oil demand to rise by 5.8 million barrels per day by 2040

    India's oil demand is expected to rise by 5.8 million barrels per day (bpd) by 2040, accounting for about 40 percent of the overall increase in global demand during the period, OPEC's secretary general said on Tuesday. "India is projected to see the largest additional oil demand (3.7 percent

  • German carmakers have 50 percent chance of staying ahead, VW says
    Finance
    Reuters

    German carmakers have 50 percent chance of staying ahead, VW says

    Germany's carmakers only have a 50 percent chance of surviving as leading players in the auto industry unless they transform to meet new regulations and adapt their supply chains, Volkswagen Chief Executive Herbert Diess said on Tuesday. Some carmakers could be pushed out of business by reforms

  • BAT warns currency moves will harm profit growth
    Finance
    The Telegraph

    BAT warns currency moves will harm profit growth

    British American Tobacco, the world’s biggest cigarette manufacturer, has warned that currency movements will reduce its profit growth by around 7pc.

  • Oil prices dip amid expectations of higher U.S. inventories
    Finance
    Reuters

    Oil prices dip amid expectations of higher U.S. inventories

    Oil prices dipped on Tuesday amid expectations of an increase in U.S. crude inventories, but signs of a fall in Iranian oil exports this month kept losses in check. U.S. crude stockpiles were forecast to have risen last week for the fourth straight week, by about 1.1 million barrels, according to a

  • Drax to pay 702 million pounds for Iberdrola power plants
    Finance
    Reuters

    Drax to pay 702 million pounds for Iberdrola power plants

    The Scottish Power plants include the massive Cruachan pumped storage hydro facility, built inside a mountain near Loch Lomond as well as a biomass-from-waste facility in the Scottish borders, which have helped Scotland creep closer to generating all of its power from renewable sources. The sale, which

  • Google latest to withdraw from Saudi conference
    Finance
    Reuters

    Google latest to withdraw from Saudi conference

    Pressure has mounted on Saudi Arabia since prominent Saudi journalist Jamal Khashoggi, a U.S. resident, Washington Post columnist and critic of Saudi policies, went missing. Google said in a statement that Google Cloud Chief Executive Diane Greene would not attend the Future Investment Initiative Summit

  • Merlin says impact of terror attacks abating, to meet 2018 forecasts
    Finance
    Reuters

    Merlin says impact of terror attacks abating, to meet 2018 forecasts

    Britain's Merlin Entertainments , operator of tourist attractions such as Madame Tussauds, said the impact on its business of terror attacks was abating as it forecast 2018 results in line with market expectations. Merlin, which also runs Legoland, the London Eye, Sea Life and theme parks such as

  • If you're shopping for a new laptop you need to check out Microsoft's new Surface Laptop 2
    Finance
    CNBC

    If you're shopping for a new laptop you need to check out Microsoft's new Surface Laptop 2

    Microsoft's Surface Laptop 2 is an impressive thin-and-light notebook with a good touchscreen display, a great keyboard and solid performance.

  • Amazon likely to buy 7-8 percent stake in Future Retail: TV
    News
    Reuters

    Amazon likely to buy 7-8 percent stake in Future Retail: TV

    (Reuters) - Amazon.com Inc is likely to buy an at least 7 percent to 8 percent stake in India's Future Retail Ltd through an investment arm, CNBC-TV 18 reported, citing sources.

  • Amazon likely to buy 7-8 percent stake in India's Future Retail - TV
    Finance
    Reuters

    Amazon likely to buy 7-8 percent stake in India's Future Retail - TV

    (Reuters) - Amazon.com Inc is likely to buy an at least 7 percent to 8 percent stake in India's Future Retail Ltd through an investment arm, CNBC-TV 18 reported, citing sources.

  • AB Volvo warns some truck and bus engines may exceed emission limits
    Finance
    Reuters

    AB Volvo warns some truck and bus engines may exceed emission limits

    Swedish truckmaker Volvo warned on Tuesday that an emissions control component used in its vehicles was degrading more quickly than expected, which could cause engines to exceed emission limits for nitrogen oxides. The company, which makes trucks, construction equipment, buses and engines, said that

  • Spain's Iberdrola sells British power assets to Drax for 800 million euros
    Finance
    Reuters

    Spain's Iberdrola sells British power assets to Drax for 800 million euros

    Spanish utility Iberdrola said on Tuesday it had agreed to sell its stake in its conventional generation assets, held by the company Scottish Power, to Drax for around 801 million euros (704.3 million pounds) as part of its asset rotation plans. The plan, which is included in its 2018-2022 strategy

  • 10 things in tech you need to know today
    Finance
    Business Insider

    10 things in tech you need to know today

    Jeff Bezos said that today's internet is a "confirmation bias machine" that could help autocratic regimes. The Amazon CEO weighed in on the current state of social media at the Wired 25 conference on Monday. Facebook is banning any kind of hoaxes about voting, like false reports of violence

  • Indian insurance companies not covering storage of Iranian oil: IOC official
    Finance
    Reuters

    Indian insurance companies not covering storage of Iranian oil: IOC official

    Indian insurers are not offering coverage policies for storage of Iranian oil, an Indian Oil Corp Ltd official said, owing to impending U.S. sanctions on import of crude from Iran, which are expected to kick in on Nov. 4.

  • Finance
    AFP

    China prices rise as cost of food spikes

    A spike in the price of fruit and vegetables pushed up China's inflation rate in September, official figures showed Tuesday. For the fourth straight month, the consumer price index (CPI) -- an important barometer of retail inflation -- rose, hitting its highest level since February, at 2.5 percent

  • The Trump administration's withdrawal from world affairs is causing chaos, ex-NATO chief says
    Finance
    CNBC

    The Trump administration's withdrawal from world affairs is causing chaos, ex-NATO chief says

    President Donald Trump's "America First" approach to foreign policy is not part of the solution when it comes to restoring international order, according to the former head of NATO.

  • Finance
    Reuters

    EM ASIA FX-Asian currencies firmer on improved sentiment, S.Korean won leads gains

    * Baht resumes trade on strong footing * S.Korean won up on North-South co-operation * Yuan hit by China growth concerns (Adds details on won, yuan and rupiah, updates prices) By Sumeet Gaikwad Oct 16 ...

  • Labour's shares plan for workers has glaring flaws
    Finance
    The Guardian

    Labour's shares plan for workers has glaring flaws

    At the 2018 Labour party conference John McDonnell called for big companies to give 10% of equity to workers. If you thought John McDonnell’s plan to force all big companies to give a collective 10% stake to their workers was a detailed policy announcement, think again. Judging by a comment aimed at

  • Global Markets: Asia stocks edge higher but Saudi tensions limit advance
    Finance
    Reuters

    Global Markets: Asia stocks edge higher but Saudi tensions limit advance

    Asian stocks rose modestly on Tuesday, gaining a firmer footing after a week of heavy losses, although cooling factory-gate inflation in China and increasing tensions between Saudi Arabia and the West have capped gains. MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.25 percent

  • British American Tobacco cuts revenue target for new products
    Finance
    Reuters

    British American Tobacco cuts revenue target for new products

    British American Tobacco , the second-biggest international tobacco company by revenue, cut its full-year revenue target for next-generation products on Tuesday, citing a flat market in Japan and a product recall in the United States. The company said it expected revenue from cigarette alternatives