Asian Shares Drop Amid U.S.-China Trade Concerns

Asian stock markets experienced a broad decline due to a heavy sell-off in tech shares and concerns over U.S.-China trade tensions, exacerbated by Donald Trump's controversial comments on Taiwan. Major indices in Japan, South Korea, and Australia saw significant losses, with the Nikkei falling 2.36% and ASX200 dropping 0.27%. Economic data from China, including lower-than-expected GDP growth and declining housing prices, further dampened market sentiment. Additionally, the Indian stock market faces volatility influenced by upcoming corporate earnings and the anticipation of Budget 2024. Meanwhile, currencies in Asia consolidated against the USD as traders digested mixed U.S. economic data and Federal Reserve remarks. Market reactions included a pivot away from tech stocks towards more economically sensitive sectors in anticipation of possible interest rate cuts.