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Asian shares skidded Friday, with Tokyo's Nikkei 225 down 5 per cent as heavy selling of computer chipmakers and other AI-related shares dragged markets lower. South Korean markets were closed Friday, but shares in Taiwan also fell more than 5 per cent. Stocks related to artificial intelligence have been under pressure for weeks because of worries that their prices have shot too high and that voracious demand for computer memory and processors may not be sustainable if AI ends up not producing as much profit and productivity as promised. Oil prices surged as fighting in the Middle East intensified, while US futures slipped. The Nikkei lost 5.8 per cent to 62,945.97, while the Hang Seng in Hong Kong shed 2 per cent to 24,514.29. The Shanghai Composite index was 1.6 per cent lower at 3,818.59. In Australia, the S&P/ASX 200 declined 0.7 per cent to 8,775.70. On Thursday, the S&P 500 fell 0.5 per cent even though nearly three out of every four stocks in the index rose after more ..
Asian shares were mostly lower Thursday and oil prices slipped despite a flurry of strikes between the US and Iran. US futures edged higher. Selling of AI-related shares weighed on benchmarks in South Korea and Japan. An interest rate hike by the Bank of Korea also contributed to a 6.6% tumble for the Kospi, to 6,816.70. It was the first rate hike by the BOK since 2023 and was aimed at helping curb inflationary pressures due to the Iran war. Memory chipmaker SK Hynix dropped 11.2%, while Samsung Electronics fell 8.2%. Taiwan's Taiex lost 0.3% ahead of the release of an earnings report by Taiwan computer chipmaker TSMC, which is often seen as a barometer for the global industry and for the boom in artificial intelligence. US futures edged higher. Tokyo's Nikkei 225 fell 2.9% to 66,767.64. Shares of Japanese memory chipmaker Kioxia plummeted 13.5%. Chipmaking equipment company Tokyo Electron dropped 5.2%, while chip testing equipment maker Advantest gave up 5.6%. SoftBank Group s
Asian shares and US futures were mixed on Monday following a long weekend on Wall Street, while selling of technology shares pulled benchmarks in Tokyo and Seoul lower. Oil prices slipped after OPEC+ announced Sunday that seven of its members plan to expand oil production by a combined total of 188,000 barrels per day in August. It was the fifth consecutive month OPEC+ members have agreed to raise output. The countries increasing their output are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. Uncertainty over supplies persists as talks with Iran aimed at fully reopening the Strait of Hormuz appear to be on hold during funeral ceremonies for Ayatollah Ali Khamenei, which will continue for several days. In energy trading early Monday, Brent crude, the international standard, lost 25 cents to $71.87 a barrel. US benchmark crude lost 10 cents to $68.59 a barrel. Japan's Nikkei 225 lost 0.4% to 69,468.17. Tech giant SoftBank Group Corp. declined 3.4%, while computer