This photo taken on October 23, 2022 shows people looking at fruits and vegetables outside a supermarket on a covered shopping street in Tokyo.
Richard A. Brooks | AFP | Getty Images
Asia-Pacific markets were set to open largely lower on Friday as Wall Street investors continued to retreat from technology stocks and profit from the rally in stocks in recent weeks.
“There's been some profit taking,” said Keith Buchanan, senior portfolio manager at Globalt Investments. “If the profit taking had happened five days after trading, I would have cringed a little bit, but that just shows us the rotation that we're seeing. Magnitude.”
In Asia, traders will be watching for a continued rotation in the region's technology stocks after Taiwan, Japan and South Korea chip-related stocks plunged on Thursday.
Japan's June inflation data will also be released on Friday, providing insights into the Bank of Japan's actions at its July 30-31 meeting.
Japan's Nikkei 225 Index Futures showed the market could go either way, with the Chicago futures contract at 40,180 and the Osaka futures contract at 40,020, compared with the previous close of 40,126.35.
Australia's S&P/ASX 200 index futures were at 7,930 points, slightly lower than the previous closing point of 8,036.5 points.
Hong Kong's Hang Seng Index Index futures were at 17,582 points, which was also lower than the Hang Seng Index's last closing point of 17,778.41 points.