Hong Kong Tech Rally Pulls Back & Asian Stocks Drop – Asia Market Wrap

Equities slumped across Asia as fears about a realignment of US geopolitical priorities weighed on risk appetite. The Yen rose.

A barometer of Asian markets fell 0.6%, while an index of Chinese technology companies in Hong Kong fell up to 3.6% after reaching a three-year high. Treasuries rose higher in Asian trading, as gold remained at a record high.

Trump is boosting pressure on Ukraine to strike a peace agreement with Russia, stoking concerns among European allies that he would reverse years of support for the Eastern European country. He further added to the uncertainties surrounding his tariff plans by discussing a potential 25% lumber fee.

US equities index futures fell. The Yen reached its highest level versus the Dollar since December, on mounting speculation that the BoJ may raise interest rates sooner rather than later. The country will release inflation numbers on Friday.

Oil fell in price after an industry data showed another growth in US crude stockpiles, as global supply uncertainties remained. Brent crude fell below $76 per barrel following three days of gains.