Asian Shares Pull Back as New Tech Regulations Cause Much Concern in Wall Street

Asian shares declined on Wednesday as Wall Street was greatly affected by concerns regarding tighter regulations on the tech industry. MSCI's broadest index of Asia-Pacific shares outside Japan went down by 0.4 percent. The tech-heavy Korean shares dropped by 1.0 percent. Japan's Nikkei shed 2.1 percent.

On Wall Street, the S&P 500 went down by 1.73 percent and the Nasdaq Composite lost 2.93 percent. These negative figures marked their fourth decline in about five sessions. The tech sector suffered most as the industry came under more scrutiny. Nvidia was on the weaker end, dropping 7.8 percent after the chipmaker suspended self-driving tests across the globe temporarily after an Uber Technologies Inc autonomous vehicle killed a woman.

Dollar stalled as remnants of trade war concerns still linger

The dollar lost its momentum on Wednesday as lingering global trade tensions curbed its capacity to bounce back from its recent lows. The dollar index dropped 0.1 percent closing at 89.291. This was after it climbed about 0.34 percent overnight above a five-week low of 88.942.

Versus the Japanese currency, the greenback went 0.2 percent higher closing 105.555 yen, but against its other rivals, the dollar lost its strength. The Euro climbed 0.05 percent closing at $1.2411 after dropping 0.3 percent overnight on dovish comments from Erkki Liikanen, a member of European Central Bank's Governing Council. The pound went up 0.15 percent to $1.4177 after dropping 0.5 percent on Tuesday.

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