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Global stock markets tumbler among fear the increase of big tech is over | business



Stock markets in Asia have tumbled after sharp sales on Wall Street hits, leading companies like Apple, Goldman Sachs and General Electric.

On Monday's defeat, all three major Wall Street courses cleared the gains from their short rally after the US Congressional elections on 6 November.

President Donald Trump blamed his defeat in midterms for the fall and claimed that fear of "Harassment of Dems" caused "big headaches!"

Donald J. Trump
(@realDonaldTrump)

The prospects of the president's harassment of Dems cause the stock market to have major headaches!


12. November 2018

Shares in Asia Pacific followed on Tuesday morning with Nikkei diving 2.2% in Tokyo and the Seoul market down 0.84%. Shares in Hong Kong were also down at 1.5% in early trading and Shanghai was out of 0.5% before both recovered.

Australia's siege banks led the ASX200 benchmark down by 1.7%. The Australian dollar also hit a hammering when the greenback climbed to its highest level against a basket of currencies since June 2017.

Asian shares excluding Japan have fallen almost 17% this year, after a 33.5% gain in 2017, with October 2018 The worst month since the middle of 2015.

"There are a number of factors that weigh on the market today, such as apparent weakness in some US tech giants and long-term concerns about the Chinese economy," said Yoshinori Shigemi, global marketing strategy at JP Morgan Asset Management in Tokyo.

The fall on Wall Street seemed to be fired more for fear that the historic rise in technology companies like Apple came to an end. Apple shares dropped 5% after several suppliers to the company, including Lumentum Holdings, whose components run iPhone's Face ID technology, cutting their forecasts. Apple's decline hampered the technological heavy Nasdaq, which fell more than 2%.

Lumentum shares fell 33%. Shares from several chipmakers selling to Apple, like Cirrus Logic, Qorvo Inc and Skyworks Solutions, also dropped. Philadelphia SE Semiconductor Index fell by 4.4%. Apple vendors in Asia fell sharply on Tuesday with Taiwan-based assembler Foxconn down more than 3% and rival Pegatron over 5%.

"Concern is about global economic growth, especially requirements for products from companies such as Apple, says Kate Warne, investment strategy at Edward Jones in St Louis." Investors are more concerned with faster growing companies and whether they will continue to grow in That pace. "

On Wall Street, Goldman Sachs shares dropped by 7.5% after Bloomberg reported that Malaysian finance minister Lim Guan Eng said that the country was seeking a full refund of all the fees it paid to Wall Street Bank to arrange billion dollars of unrestricted state fund 1MDB agreements. Goldman Sachs was the biggest outfit of Dow, which fell more than 2%.

Energy stocks also increased the decline towards the end of the session when oil prices fell.

General Electric Co shares fell 6 , 9% after new boss CEO Larry Culp said that the company was saddled with too much debt and would soon sell assets to reduce influence. The shares fell below $ 8 for the first time s iden March 2009.

"At the moment it appears that the slightest resistance is down," said Peter Jankovskis, investment manager at OakBrook Investments in Lisle, Illinois. [19659019]
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