Tech slump knocks Asia shares, yen towers at 2-1/2-month peak
SYDNEY - Asian shares were hammered on Thursday as a slump in global tech stocks sent investors fleeing into less risky assets, including short-dated bonds, the yen and Swiss franc.
"Traders have played outright defence, as the saturated and well-owned tech position continues to be unwound," said Chris Weston, head of research at Pepperstone. "The rate cut expectations are getting very elevated the same way as they were last year," said Andrew Lilley, chief rates strategist at Barreyjoey in Sydney.
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