Asian shares snapped a three-day winning streak, led by tech stocks as investors focused on corporate earnings for fresh trading cues.
The MSCI Asia Pacific Index fell 0.4%, after rising over 11% from Aug. 5 through Monday. Benchmarks declined in most of the region, with those in Hong Kong, mainland China and South Korea all in the red.
US futures were steady after some of the world’s largest tech names pushed the S&P 500 down. Chinese consumption stocks were in the spotlight after PDD Holdings Inc. fell by a record.
A warning of slow sales by Temu’s owner was the latest disappointment from the sector, where the country’s biggest consumer companies have reported revenue misses.
The Hang Seng Tech Index declined much as much as 1.8%. The modest losses in the region pointed to consolidation after a strong run earlier this month that was driven by investors’ growing belief that the US central bank will start cutting interest rates in September.
The caution also comes ahead of Nvidia Corp.’s keenly anticipated financial results due on Wednesday, as investors look for further clarity on demand induced by artificial intelligence.
