Benchmark indexes in Shanghai and Hong Kong extended weekly losses amid weak earnings outlooks as policymakers avoided providing additional support through purchases by state-controlled financial institutions.
Market indexes in Tokyo plunged more than 3% following the global tech stock route. The yen continued to rally ahead of the Bank of Japan's policy meeting next week.
China stocks extended losses, and a global tech stock sell-off spread to Asia after Tesla and Google-parent Alphabet reported weaker than expected quarterly results.
Japan indexes extended previous week's losses after factory activity growth unexpectedly declined in July. The service sector activities rose to a three-month high amid rising demand for professional services.
Stock market indexes in China are approaching the level at the end of last year, erasing gains of this year, ahead of the start of the earnings season, and the property market slump showed no signs of easing.
Bajaj Finance reported a sharp increase in net interest income and net profit but fell short of market expectations. Hindustan Unilever reported a muted increase in sales and earnings in the June quarter. Tata Consumer Products plans to launch a rights offering.
Japan indexes rebounded, and worries about an excessive decline in the yen dominated market sentiment. Nippon Yusen revised its first-half and full-year revenue and earnings outlook, citing a tight container shipment market.
A sharp selloff in tech stocks drove market indexes in Japan lower amid rising geopolitical uncertainty. The yen struggled to rebound ahead of the Bank of Japan's policy decisions next week.
The People's Bank of China lowered its key short-term lending rates to support the fragile economic recovery after policymakers last week vowed to offer measures to meet the 5% annual economic growth target.
Reliance Industries reported a decline in June quarter earnings due to the weakness in its crude oil refining margin. HDFC Bank reported better than expected quarterly results. Oberoi Realty signaled positive annual outlook for sales and earnings.
Benchmark indexes in Japan extended weekly losses, and consumer price inflation held steady in June, but core inflation accelerated for the second consecutive month.
China's top policymakers focused on navigating the economy, driven by technological advances and renewable energy, away from construction-led growth. Policymakers reaffirmed 2024 growth estimate of 5%.
Japanese tech stocks suffered heavy losses following the global tech selloff amid rising trade tensions between the U.S. and China. Advanced semiconductor equipment makers plunged as much as 10%. Japan's trade surplus expanded in June after exports rose to China and the U.S.
Market indexes in Shanghai and Hong Kong recovered from earlier losses ahead of the release of new measures at the end of the Third Plenum later in the day.
