July 30, 2018
Asian equities kicked off the week in negative territory following the declines on Wall Street on Friday. The solid U.S. GDP data did little to support markets. The economy expanded at its quickest pace since 2014 in the second quarter, growing 4.1%, almost double the first quarter’s growth. However, investors have already priced in the positive news and so it came as no surprise. In fact, the surprise was in some of the big tech earnings results, in particular, Facebook, Twitter and Intel, which led to declines of more than 2.4% on the Nasdaq Composite Index on Thursday and Friday.