Five Things You Need to Know to Start Your Day: Asia

Good morning. Bullish US tech bets hit three-year high. Emerging market currencies waver. Apple's China iPhone sales plunge. Here’s what’s moving markets. — Isabelle Lee

Bullish positioning in US technology stocks is at a three-year high, raising the risk of a pullback, according to Citigroup’s Chris Montagu, who called long positioning in Nasdaq 100 futures “extremely extended.” US stocks have been on a tear this year, as the frenzy around artificial intelligence and optimism about economic growth has spurred the S&P 500 to a record high. The tech-heavy Nasdaq 100 has advanced for four straight months. Other global markets are also looking stretched, Montagu said, with equity positioning in Europe and Japan also raising considerable profit-taking risks. The S&P 500 dropped 1% Tuesday while the Nasdaq 100 saw its biggest decline since January as traders waded through mixed economic data in the run-up to Jerome Powell’s testimony to Congress this week. Other assets fared better Tuesday: Bitcoin hit a record, topping $69,000 before erasing gains. Gold also touched an all-time high.