Asian stocks fall as chip sell-off deepens; Nikkei drops 4.4%
What's new: Brent neared $85 a barrel and was up 12% for the week as Middle East tensions and weaker Hormuz shipping stoked inflation fears.
Asian stocks slid Friday and US equity futures fell further as a sell-off in chipmakers deepened, with investors questioning whether this year’s AI-driven rally had run too far. MSCI’s Asia-Pacific gauge dropped 2.1%, led by a 4.4% fall in Japan’s Nikkei 225. Hong Kong’s Hang Seng lost 1.9%, Shanghai fell 1.7% and Australia’s S&P/ASX 200 slipped 0.5%.
Taiwan Semiconductor Manufacturing fell more than 4% after a higher spending forecast overshadowed its earnings outlook, while Kioxia tumbled 15% in Tokyo. Nasdaq 100 futures were down nearly 1%. Oil added to the pressure: Brent traded just below $85 a barrel after hostilities in the Middle East escalated and shipping traffic in the Strait of Hormuz slumped.