As investors brace for a protracted conflict in the Middle East, they’re electing to sell the technology stocks that have been among the market’s biggest winners in recent months. Memory chipmaker Micron Technology Inc. closed 9.9% lower Monday and slumped even further in post-market trading. Among peers, Samsung Electronics Co. slumped nearly 5% and SK Hynix Inc. dropped as much as 7.7% in early ...
As investors brace for a protracted conflict in the Middle East, they’re electing to sell the technology stocks that have been among the market’s biggest winners in recent months. Memory chipmaker Micron Technology Inc. closed 9.9% lower Monday and slumped even further in post-market trading. Among peers, Samsung Electronics Co. slumped nearly 5% and SK Hynix Inc. dropped as much as 7.7% in early Korea Exchange trading Tuesday. Uncertainty over potential peace talks to end the US and Israel’s war against Iran is unsettling global markets, where signs of capitulation are growing. Tech shares, after years of artificial-intelligence-driven gains, are posting the steepest declines. Investors are “fleeing recent winners as we approach quarter end,” Ortus Advisors analyst Andrew Jackson wrote in a note on Smartkarma. “It’s going to take some spectacularly good headlines to reverse the downside today.” A Bloomberg gauge of semiconductor stocks is down more than 13% in March, on track for its worst month in three and a half years. Still, it’s poised to close the quarter with a 10% gain. Investors have been rotating into more defensive stocks amid concerns over the impact of oil supply disruption from the Iran war. The AI trade has been especially vulnerable after the red-hot rally, given additional concerns over high spending levels and valuations. “Sentiment is shifting away from AI,” Gerald Gan , chief investment officer at Reed Capital Partners, said in an interview Monday. “I would consider taking more profit off the table rather than putting in more positions.”
New Zealand business sentiment slumped in March to the lowest since mid-2024 when the economy was in recession as the Middle East conflict hits the outlook for earnings and investment. The business confidence index fell to 32.5 from 59.2 in February, ANZ Bank New Zealand said Tuesday in Wellington. That’s the lowest since July 2024. A gauge of firms’ own-trading fell to 39.3 from 52.6. The mood sw...
New Zealand business sentiment slumped in March to the lowest since mid-2024 when the economy was in recession as the Middle East conflict hits the outlook for earnings and investment. The business confidence index fell to 32.5 from 59.2 in February, ANZ Bank New Zealand said Tuesday in Wellington. That’s the lowest since July 2024. A gauge of firms’ own-trading fell to 39.3 from 52.6. The mood swing adds to signs that New Zealand’s economy may stall in the middle of the year as rising fuel costs hit household spending and uncertainty about global demand damps hiring and investment intentions. Some local economists are forecasting gross domestic product will contract in the second quarter while unemployment is now expected to stay high for most of the year. “Just as the economic recovery was starting to feel real, dark clouds have gathered,” said Sharon Zollner , chief New Zealand economist at ANZ in Auckland. “It’s not just anxiety about the future. Many firms are already reporting that their activity has taken a hit as people defer their decision-making in the face of uncertainty.” New Zealand’s economy experienced a recession after contracting in the second and third quarters of 2024 as the central bank battled a post-Covid inflation spike with high interest rates. The pessimistic view from companies mirrors a slump in consumer confidence to a 17-month low as fuel prices soar and there are signs cost increases will spread through the economy. The Reserve Bank, which next meets to assess the level of the Official Cash Rate on April 8, has said it will look through the near-term spike in inflation but will be vigilant about second-round effects on broader prices and wages that may lock in higher inflation expectations. Read more: Breman Signals RBNZ Won’t Rush to Raise Rates on Iran War Today’s report shows more firms expect higher costs in the next three months, while a net 60% expect to raise prices. One-year ahead inflation expectations rose to 3.08%. Companies ...
President Trump threatened further escalation of the US military campaign against Iran in a social media post, as the fifth week of war jolts global markets with little sign of relief. Bloomberg's Laura Davison reports. (Source: Bloomberg)
President Trump threatened further escalation of the US military campaign against Iran in a social media post, as the fifth week of war jolts global markets with little sign of relief. Bloomberg's Laura Davison reports. (Source: Bloomberg)
Exclusive: Environmental impact assessments are ‘incomplete’, say leaders, and private beach club could harm fragile ecosystems Indigenous community leaders in Vanuatu have raised concerns over plans by the cruise operator Royal Caribbean to build a private beach club on the island of Lelepa, arguing environmental impact assessments by the company are “incomplete” and “misleading”. The community l...
Exclusive: Environmental impact assessments are ‘incomplete’, say leaders, and private beach club could harm fragile ecosystems Indigenous community leaders in Vanuatu have raised concerns over plans by the cruise operator Royal Caribbean to build a private beach club on the island of Lelepa, arguing environmental impact assessments by the company are “incomplete” and “misleading”. The community leaders outlined the issues in a letter sent to Royal Caribbean on 26 February, which has been seen by the Guardian. The leaders also said the development could harm fragile ecosystems and a nearby Unesco world heritage site. Continue reading...