TechFlow, November 5 — Asian stocks followed overnight declines in US markets on Wednesday, as investor concerns over stretched valuations dented market confidence. The MSCI Asia Pacific Index fell 1%, with South Korea's stock market leading the drop, down more than 4%. US and European equity futures also continued to decline.
"The entire market is a sea of red," said Chris Weston, head of research at Pepperstone Group. "There’s little reason to buy right now, and with Nvidia’s earnings report due on November 19, there’s a lack of near-term catalysts."
Stocks are pulling back from record highs amid worries that equity markets may have become overinflated, after Wall Street heavyweights Morgan Stanley and Goldman Sachs' CEOs questioned whether sky-high valuations can be sustained. (Jinshi)
