Asian Shares Retreat Before Nvidia Earnings, Key US Data

(RTTNews) - Asian stocks tumbled on Tuesday as risk aversion intensified ahead of upcoming Nvidia earnings and a slew of U.S. economic data, including the delayed jobs report, which will be released almost seven weeks behind schedule due to the government shutdown.

The dollar strengthened in the wake of increased uncertainty surrounding interest rates and tech valuations. Oil prices fell after loadings resumed at a key Russian port.

Gold fell about 1 percent, extending losses for a fourth straight session, pressured by dollar strength and diminished expectations of a U.S. interest rate cut next month.

Chinese and Hong Kong markets fell as diplomatic tensions between China and Japan deepened. China's Shanghai Composite index dropped 0.81 percent to 3,939.81, with energy stocks pacing the decliners.

Hong Kong's Hang Seng index plunged 1.72 percent to 25,930.03, dragged down by tech stocks on AI valuation concerns.

Japanese markets plummeted as tourism-related stocks continued to fall on China's travel alert. The Nikkei average nosedived 3.22 percent to 48,702.98, marking its biggest decline in more than seven months. The broader Topix index settled 2.88 percent lower at 3,251.10.

Cosmetics giant Shiseido fell 2.9 percent and carrier ANA Holdings dropped 1.3 percent. Technology investor SoftBank Group lost 7.5 percent, semiconductor test equipment supplier Advantest declined 3.7 percent and Tokyo Electron gave up 5.5 percent.

The yen recovered from the lowest level since early February amid intervention fears. "We had candid, good talks on economic, price, financial developments as well as on monetary policy," Bank of Japan Governor Kazuo Ueda told reporters after his first bilateral meeting with Prime Minister Sanae Takaichi since she took office last month.

Seoul stocks plummeted as chip and other tech stocks fell on valuation concerns. The Kospi average ended down 3.32 percent at 3,953.62 on heavy selling by institutions and offshore investors. Market heavyweight Samsung Electronics fell 2.8 percent and chip giant SK Hynix plunged 5.9 percent.

Australian markets lost ground to hit a five-month low as the Reserve Bank of Australia's November meeting minutes reflected caution over future interest rate cuts. The benchmark S&P/ASX 200 dipped 1.94 percent to 8,469.10, dragged down by technology and material stocks. The broader All Ordinaries index fell 1.99 percent to 8,738.30.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended 1.16 percent lower at 13,342.82.

U.S. stocks declined overnight to reach their lowest levels in a month on concerns over the economic outlook.

The Dow dipped 1.2 percent, the tech-heavy Nasdaq Composite gave up 0.8 percent and the S&P 500 fell 0.9 percent.