7:00AM Asian markets closed down as techs weighed.
Asian-Pacific benchmarks closed slightly lower as gains for automakers helped limit losses brought by the tech sector after the Nasdaq hit a 14-month low. The Nikkei lost 0.18% as signs of strengthening domestic economy and strong June production figures for automakers offset declines among technology stocks. Japan’s largest PC maker NEC Corp. dropped 2.08%, while the country’s biggest chip maker Toshiba slipped 1.55%. Steel stocks and industrials shares also showed weakness. Automotive shares advanced after Toyota Motor reported domestic production increase of 10.25, and Honda Motor posted 8.8% growth. Across the region, Hong Kong’s Hang Seng lost 0.06%, with China’s Lenovo down 1.89% on Dell’s profit warning and modest weakness in the financial sector. South Korea’s Kospi dropped 0.6%, dragged by Samsung Electronics, down 1.5% and LG Electronics, down 0.56%. Stock markets in China, Taiwan, Thailand, and Australia also ended down.


European stocks recovered from last-week weakness to move higher at mid-day trading on stronger telecom shares and gains for consumer-electronics giant Philips Electronics. Retreating oil prices also provided support to sentiment. Vodafone Group climbed 2.7% after the company reported Q1 revenue growth of 9.2% and confirmed its outlook. Other telecommunication shares like BT Group, France Telecom, and Deutsche Telekom also advanced. Philips rose 3.9% on news that three private equity firms are bidding over $10 billion for its semiconductor unit. The German DAX 30 rose 0.9%, the French CAC 40 was up 0.7%, and London FTSE 100 surged 1%.