{"id":115813,"title":"What happened overnight – Friday 2nd August 2024","publisher":"Share Talk","author":"sharetalk","published":"2024-08-02T07:37:45+00:00","modified":"2024-08-02T07:37:45+00:00","canonical_url":"https://www.share-talk.com/what-happened-overnight-friday-2nd-august-2024/","markdown_url":"https://www.share-talk.com/what-happened-overnight-friday-2nd-august-2024.md","json_url":"https://www.share-talk.com/what-happened-overnight-friday-2nd-august-2024.json","category":"B2B","categories":["B2B","Blogs","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["Asian","Australia","china","Dow Jones Industrial Average","factory data","Hang Seng","Hong kong","Jakarta","Japan","Jerome Powell","Korean","Manila","markets","NASDAQ","Nasdaq Composite index","Nikkei 225 index","S&P 500","Seoul","shanghai","Singapore","South Korea","Stock Markets","Sydney","Taipei","Taiwan","Tokyo","US Federal Reserve","US stocks","US Treasury bonds","Wall Street","Wellington"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/08/WORLD-750x406-1.webp?fit=750%2C406&quality=80&ssl=1","format":"news","language":"en-GB","content":"Asian shares plunged after weaker-than-expected US factory data ignited fears of a worsening economic outlook.\n\nTokyo’s Nikkei headed for its worst day in over four years, influenced by a slide on Wall Street, a surging yen, and uncertainty over potential interest rate hikes by the Bank of Japan.\n\nOther Asian markets also experienced declines following the weak US economic data, which were compounded by a Big Tech sell-off on Wall Street due to underwhelming results from Apple, Intel, and Amazon.\n\nThe Shanghai Composite Index experienced a more modest loss of 0.5%, closing at 2,919.32.\n\nIn Seoul, the Kospi dropped 3.3% to 2,687.31, while Taiwan’s Taiex fell 3.8%, both markets significantly impacted due to their large technology sectors.\n\nSouth Korea’s Samsung Electronics fell 3.6%, while SK Hynix, another major chip and components manufacturer, dropped 8.6%. Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest chip maker, saw a loss of 5.1%.\n\nElsewhere in Asia, Australia’s S&P/ASX fell 2.1% to 7,940.70, the Sensex in India declined by 1%, and Bangkok’s SET slipped by 0.4%.\n\nOn Wall Street, the Dow Jones Industrial Average fell 1.2%, closing at 40,347.97. The S&P 500 lost 1.4%, ending at 5,446.68, and the Nasdaq Composite dropped 2.3%, closing at 17,194.15, amid a sell-off of most of the “Magnificent Seven” tech stocks.\n\nThe yield on benchmark 10-year US Treasury bonds decreased to 3.97% from 4.04% late on Wednesday and 4.70% in April."}