Asian shares fall after Big Tech sell-off hits Wall Street
Asian markets fell sharply on Monday after a sell-off in Big Tech stocks and growing expectations of a possible interest rate hike pushed U.S. equities to their worst performance in months.
Investors also reacted to rising geopolitical tensions and volatility in energy markets, News.Az reports, citing The Associated Press.
Japan’s benchmark Nikkei 225 dropped 4.5 percent to 63,604.15, even as revised government data showed stronger-than-expected first-quarter economic growth. South Korea’s Kospi index fell 8.2 percent, dragged down by losses in major technology companies including Samsung Electronics and SK Hynix, while Taiwan’s Taiex also declined.
Hong Kong’s Hang Seng and China’s Shanghai Composite both posted losses, reflecting broader regional weakness. Markets in Australia were closed for the King’s Birthday holiday.
Oil prices surged after Israel launched airstrikes targeting central and western Iran, with reports of explosions in several Iranian cities. Brent crude rose sharply to $97.64 per barrel, while U.S. crude also climbed significantly amid concerns over supply disruptions and escalating conflict risks in the region.
On Wall Street, the S&P 500, Dow Jones Industrial Average and Nasdaq Composite all recorded steep declines at the end of last week following stronger-than-expected U.S. jobs data, which increased expectations that the Federal Reserve may keep interest rates elevated for longer. Bond yields rose in response, while currency markets saw modest movements in the U.S. dollar and euro.
News.Az
By Leyla Şirinova
