Asian Stocks Fall as Investors Withdraw from Technology – Asia Market Wrap

Asian markets sank, mirroring losses in US equities, as investors sold tech stocks over concerns that valuations had become excessive. Oil prices fell after Trump avoided adding to global tensions in a televised speech.

MSCI’s regional equities benchmark fell 0.4%, while key indicators in South Korea and Japan fell about 1%. That came after the tech-heavy Nasdaq 100 fell 1.9% in New York, with Nvidia dropping 3.8% to its lowest level since September. The S&P 500 fell 1.2%, breaking through its 50-day moving average.

Gold held steady in Asia after rising 0.8% on Wednesday as investors watched escalating tensions in Venezuela and awaited US inflation data. Bullion has increased by about two-thirds this year and is on track for its best yearly performance since 1979. Platinum continued its explosive surge, rising as much as 4%.

The tech selloff, combined with dovish comments from a Fed member, boosted two- and five-year Treasuries. The yield on the US two-year note, which is regarded a major haven asset, fell 2 bps to 3.47%.

The Yen rose against the Dollar as the BoJ is expected to boost interest rates to their highest level in three decades on Friday.