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Asia shares extend losses, dollar firms but off highs

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Asian shares extended losses on Thursday after disappointing earnings from technology firm, Apple dragged on Wall Street, while the dollar firmed but remained shy of this week’s nearly nine-month highs.

An overnight slide in oil prices combined with disappointment over Apple’s earnings had prompted a broad sell off in the technology sector, according to Michael Hewson, chief market analyst at CMC Markets in London.

“You have the recipe for some broader profit-taking at a time when both European and U.S. equity markets are closer to, or at their peaks,” Hewson said.

“Markets in Asia have followed on from this weak lead this morning and this looks set to lead to a weaker open for European markets this morning.”

Adding to the subdued mood, data showed profit growth in China’s industrial firms slowed last month from the previous month as several sectors showed weak activity, suggesting the world’s second-biggest economy remains underpowered.

Further denting sentiment, China’s offshore Yuan CNH=D3 notched fresh six-year lows on Thursday after the People’s Bank of China set a weaker midpoint.

Paul

The author Paul