Global Market Today: Asian Equities Decline as Chip Selloff Extends
Rising Treasury yields and higher oil prices pressured AI-linked stocks, with Seoul’s Kospi down more than 5% and chipmakers SK hynix and Samsung hit hard.
- A selloff hit Wall Street, tracking losses across Asia, as the DOW closed down 0.2 percent. Tech firms heavily invested in chips were sharply lower, ending a recent recovery.
- The yield on a 30-year Treasury hit its highest level since before the global financial crisis, stoking inflation expectations. Higher government borrowing and corporate issuance added upward pressure on debt costs.
- Tech giants including Nvidia, Intel, Micron, and Broadcom took a battering, dragging the Nasdaq lower. National Australia Bank's Rodrigo Catril said AI-linked stocks are "showing a greater deal of sensitivity to the move up in higher longer-dated yields."
- Minutes from the Fed's most recent policy meeting are due out later Wednesday and could clarify decision-makers' thinking. Central bankers and finance heads will gather in Jackson Hole, Wyoming, later this month where Fed chief Kevin Warsh will address plans.
- Trump wrote on Truth Social that there are no scheduled talks with Iran, while Brent hovered around $92 a barrel as Middle East tensions persist. The president said he would not extend a 60-day truce.
25 Articles
25 Articles
The hunt for the winners of the AI boom is turning into a global sell-out. After US chip manufacturers got under the wheels on Tuesday, the sales wave recorded Asia – Europe is likely to follow on Wednesday.
Bond market stabilization - Gold near $4,350
Asian stocks fall as yield pressures and hawkish central banks weigh
Asian stock markets traded lower on Wednesday tracking overnight losses on Wall Street driven by a semiconductor sell-off and elevated bond yields. Investors are turning their focus to the release of the Federal Reserve’s July meeting minutes and upcoming
Chip Selloff Extends to Asia, Treasuries Stabilize: Markets Wrap
(Bloomberg) -- Asian stocks dropped as a semiconductor selloff deepened, with investors retreating from one of the year’s hottest trades amid elevated bond yields and geopolitical uncertainty. Treasuries stabilized following recent losses.
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