The major Asia Pacific stock indexes are trading mostly higher early Wednesday, overcoming the lackluster overnight trade on Wall Street that saw small gains posted by the benchmark S&P 500 Index and blue chip Dow Jones Industrial Average. U.S. technology shares were under pressure for a third session, weighing on the NASDAQ Composite.
At 02:00 GMT, Japan’s Nikkei 225 Index is trading 21489.03, up 96.93 or +0.45%. Hong Kong’s Hang Seng Index is at 26720.90, up 37.22 or +0.14% and South Korea’s KOSPI Index is at 2043.85, up 11.77 or +0.58%.
China’s Shanghai Index is trading 3017.01, down 4.19 or -0.14% and Australia’s S&P/ASX 200 Index is at 6627.30, up 13.20 or +0.20%.
Technology Shares Catching Attention
Technology shares are under pressure for a fourth session on Wednesday as investors continue to lighten up positions in the wake of the announcement that nearly all the U.S. attorneys general are now putting their weight behind antitrust investigations of Big Tech. And while the state-led probes will turn up the heat on companies such as Google and Facebook, they will also likely add pressure to federal regulators who have launched their own investigations into the industry, according to antitrust experts.
According to CNBC, a bipartisan group of attorneys general from 48 states, the District of Columbia and Puerto Rico announced Monday they would pool resources to probe Google’s advertising business. The announcement follows that of a smaller, overlapping group of attorneys general led by New York’s Letitia James that is investigating Facebook’s business practices.
In the U.S. on Tuesday, tech shares fell for a third straight session. The Technology Select SPDR Fund dropped as much as 1.6%. The fund, which represents a basket of technology companies including Microsoft and Apple, finished the session down 0.5%. The S&P 500 tech sector was one of the worst performers on Monday, sliding 0.7%. Shares of Facebook and Amazon fell 1.4% and 0.6% respectively.
Apple Shakes Up Subscription Entertainment Industry
On Tuesday, Apple revealed launch dates and pricing for its much-anticipated Apple TV and Apple Arcade subscription services. Both services cost $4.99 per month, which undercuts competitors like Disney’s streaming platform, Disney+, and Google’s cloud gaming service, Stadia.
Shares of Roku fell more than 12% on Tuesday after Apple’s announcement. Netflix shares fell more than 3%. Roku, which makes a streaming device and supports its own channel as well as services from Netflix, Amazon and many others, suffered its steepest decline since March. Disney, whose Disney+ service will cost $6.99 a month, also dropped close to 3%.
Apple Suppliers in Asia Post Gains
Shares of Apple suppliers in Asia traded higher on Wednesday following the unveiling of the Cupertino-based tech giant’s latest products on Tuesday.
Japanese component supplier Murata Manufacturing rose 1.5% and Sharp jumped 4.98%, while South Korea’s LG Display traded 1.75% higher. Hong Kong-listed AAC Technologies also advanced 1.92%, while Largan Precision in Taiwan gained 2.78%.
On Tuesday, Apple kicked off its annual fall product launch where it unveiled new iPhones, Apple Watches and an iPad.
This article was originally posted on FX Empire
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