Asian shares drop on tech-driven plunge

Asian shares drop on tech-driven plunge

Friday marked Asian share markets’ weakest performance in two weeks. The decline followed after Wall Street monitored a tech-driven drop. However, earnings in safer assets remained subdued as investors awaited if employment data from the United States would result in a larger selloff.

MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 1.6% decline. The index was monitored treading toward a 2.4% weekly decline, its sharpest drop since April.

Japan’s benchmark index Nikkei plunged 1%, while Hong Kong’s Hang Seng index dropped 1.8%. Australia’s ASX 200 was seen 2.8% lower. The series of declines came milder than the 5% drop made by the Nasdaq and the 3.5% plunge recorded by the S&P 500.

While futures started turbulently, they managed to salvage early losses in Asia. Futures for the Nasdaq 100 were down 1.3%, while futures for the S&P 500 declined 0.3%. Meanwhile, Dow futures made minimal changes.

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