Asia markets rise in early trade, suppliers follow Apple downward

Asia Pacific stocks rose in early trade on Tuesday, while U.S markets fell on Wall Street overnight with losses in tech shares.

In Japan, the Nikkei 225 added 0.55%, while Australia’s ASX 200 was near flat. The Kospi in South Korea rose 0.47%. 

Asia-Pacific Market Indexes Chart

Investors are keeping an eye on testimony from Federal Reserve Chair Jerome Powell due Wednesday. It follows after a stronger-than-expected jobs report in the U.S. raised questions about whether the Fed will cut interest rates later this month.

Apple shares fall

Stocks in the U.S. fell overnight as Apple shares lost more than 2%, pressuring the broader tech sector. 

An analyst at Rosenblatt Securities downgraded the tech giant’s stock to sell from neutral, saying the company will “face fundamental deterioration over the next 6 to 12 months.”

Apple suppliers in Asia Pacific are going to be in focus on Tuesday. Those in Japan fell broadly in early trade, with TDK and Nidec losing 0.71%, and Alps Alpine dropping 1.34%.

Oil and currencies

Oil prices fell on Tuesday morning during Asia hours. U.S. crude futures declined 0.37% to $63.89 per barrel, while Brent crude futures dropped 0.28% to $57.46 per barrel. 

The dollar last traded at 97.365 against a basket of its peers, climbing from levels below 96.800 in the previous week. The Japanese yen traded at 108.76, weakening from levels near 107.60 last week while the Australian dollar fetched $0.6973, after falling from previous levels near $0.7020.

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