Channel NewsAsia
AsiaPac · 38 mins ago
Stocks ease despite upbeat Samsung forecast, yen languishes
TOKYO, July 7 : Asian stocks drifted lower on Tuesday, even after South Korea's Samsung Electronics forecast an eye-popping 19-fold jump in second-quarter profit, while the Japanese yen remained pinned near 40-year lows amid intervention speculation.Samsung Electronics, the world's largest memory chipmaker, estimated April-June operating profit at 89.4 trillion won ($58.44 billion), a third straight quarter of record operating profit.South Korean shares slumped 4.1 per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.73 per cent. Japan's Nikkei shed 1.08 per cent.The sharp rally in AI-related shares has likely been driven by concerns over the economy and inflation, with worries about the outlook — including worsening tensions involving Iran — prompting inves
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