Asian equities fell after Wall Street shares declined, weighed down by concerns over stretched artificial intelligence valuations and signs of a cooling labor market. The MSCI Asia Pacific Index slipped 0.6%, led by declines in Japan, putting the gauge on track for its first drop in three weeks. US equity benchmarks dropped for the second time in three sessions with AI-related stocks such as Nvidia Corp. tumbling, while a closely watched volatility gauge spiked. We heard from Pruksa Iamthongthong, Aberdeen Investments Head of Equities Asia Pacific. She spoke to Bloomberg's Yvonne Man and David Ingles.
Plus - Tesla Inc. shareholders approved a $1 trillion compensation package for Chief Executive Officer Elon Musk, the largest payout ever awarded to a corporate leader. The pay agreement clears a path for Musk, the world's richest person, to become the first-ever trillionaire and expand his stake in Tesla to 25% or more over the next decade. To achieve the full payout, he'll have to deliver on targets to significantly expand Tesla's market value, revive its flagging car business and get the fledgling robotaxi and Optimus robotics efforts off the ground.
And in the US, volatility lashed Wall Street, with strong evidence of a cooling labor market pushing high-valuation tech stocks and crypto to big losses while bonds rallied on bets the Federal Reserve will cut rates. We spoke to Clark Geranen, Chief Investment Officer, CalBay Investments.
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