On the XNUMXth anniversary of Black Monday (which saw the largest daily decline in equity in history), Asian stocks fell from monthly highs after Microsoft and Google announced lower-than-expected results, dragging down the technology sector. The yen fell for the seventh consecutive day, marking the longest period of declines since April 2011.
The Microsoft and Google effect has hit Samsung in particular, which lost 2,1% in Seoul and Quanta Computer which lost 1,4% in Taipei. The MSCI Asia Pacific index was down 0,3% as of 11:32 am in Tokyo. Even metals in London traveled with a negative sign and rubber fell by 1,3% in Tokyo. The yen weakened against 15 of the 16 major currencies and was down 0,2% at 103.73 against the euro.
Microsoft plunged into extended trading, following Google's 8% drop after the world's leading search engine unintentionally released its results during regular trading hours. The yen fell amid speculation that the Japanese central bank will ease monetary policy. Furthermore, the Chinese government will not inject huge stimuli into the market, said at least Song Guoqing, a consultant to the Chinese central bank after official data showed that the economy is stabilizing.
