Asian Stocks Drop as Worldwide Chip Selloff Continues – Asia Market Wrap

Asian stocks fell Thursday, as a broad tech selloff continued due to concerns about stricter US curbs on chip sales to China.

Japanese and South Korean stocks led the region’s losses, with the Topix index plunging up to 1.5%. Tokyo Electron took the brunt of the selling for the second day, falling about 11%. Taiwan Semiconductor Manufacturing dropped as much as 4.3%.

Hong Kong and mainland Chinese stocks varied, as US futures crept up after the S&P 500 plummeted 1.4% and the Nasdaq dropped 2.9%, marking their worst day since 2022.

The Dollar index was trading around its lowest level in two months. Treasuries were stable in Asia following minor movements on Wednesday.