Market Commentary - Foreign Markets
Japanese markets end on a flat note As on : 29-Aug-24  16:49

Asian stocks declined on Thursday, with tech stocks bearing the brunt of selling after Nvidia's earnings forecast fell short of investor expectations.

Investors also awaited the release of a key U.S. inflation reading on Friday that is likely to show that consumer price increases continued to run cool in July.

The dollar was subdued in Asian trading ahead of the release of the latest U.S. GDP estimate and U.S. initial jobless claims figures later in the day.

Gold ticked higher after a Federal Reserve official said its time to move on rate cuts.

Oil rebounded from two days of losses after Ukraine's military said it had attacked an artillery depot and two oil storage facilities in Russia.

Japanese markets ended on a flat note as technology stocks pared declines. The Nikkei average finished marginally lower at 38,362.53 after hitting a low or 37,970.20 during intraday. The broader Topix index ended with a positive bias at 2,693.02.

Electronic component maker Nidec Corp tumbled 3.3 percent after U.S. server manufacturer Super Micro Computer - with which it is building water-cooling modules for servers - reported a delay in filing its annual report, amid allegations of accounting manipulation, sibling self-dealing and sanctions evasion.

Japan's consumer sentiment held steady in August after rising slightly in the previous month, survey data from the Cabinet Office showed on Thursday. The seasonally adjusted consumer confidence index stood at 36.7 in August, unchanged from July.

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