Apr 17, 07:45 AM

Japan's Nikkei Hits 8-week Low, Tokyo Stocks Plunge on ASML's 22% Sales Drop

Japan's Nikkei index hit an 8-week low and Tokyo stocks experienced significant declines, influenced by a broader sell-off in technology stocks and concerns over prolonged high U.S. interest rates. The downturn in Asian markets was exacerbated by disappointing earnings from Dutch semiconductor giant ASML, which reported a profit that exceeded expectations but saw a 22% drop in sales. ASML attributed the shortfall to a reduction in orders from major chipmakers in Taiwan and South Korea, who have paused purchases of high-end EUV machines amid a 'transition year.' Despite this, ASML maintains an unchanged outlook for 2024, expecting a stronger performance in the second half of the year. The S&P and Nasdaq also fell for the fourth straight day, setting Japan’s Nikkei for its fourth losing session.

#Japan #Nikkei #Tokyo #Asian #Dutch #ASML #Taiwan #South Korea #Nasdaq

Written with ChatGPT (GPT-4).

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