Global Market Today: Asian stocks slide after US tech rout
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MSCI Inc.’s regional equities benchmark slipped 0.3%, declining for a second day, leaving the gauge hovering around levels last seen in July. Taiwan’s stock exchange will be shut Friday due to a typhoon. Sentiment stayed weak as contracts for the Nasdaq 100 Index fell 0.3% in early Asian trading.
Asian stocks extended losses, tracking declines on Wall Street as investors rotated out of technology giants following a blistering rally earlier this year and sought safety in Treasuries and currencies such as the yen.MSCI Inc.’s regional equities benchmark slipped 0.3%, declining for a second day, leaving the gauge hovering around levels last seen in July. Taiwan’s stock exchange will be shut Friday due to a typhoon. Sentiment stayed weak as contracts for the Nasdaq 100 Index fell 0.3% in early Asian trading.
As on 23 Oct 2026, 01:30 AM IST
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Tech remained in focus as South Korean chipmaker SK Hynix Inc. scrapped an initial public offering for its US subsidiary Solidigm after facing shareholder opposition.
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The rout in the artificial intelligence trade drove investors toward the safety of bonds, with Treasuries staging their biggest rally in more than two years. The benchmark 10-year yield declined 17 basis points to 4.95%, while the yen outperformed all its major counterparts. Australian sovereign debt tracked the gains in Treasuries in early Asian trading.
Brent crude broadly held its gains to trade at around $113.10 per barrel. Oil rallied Thursday as deadly attacks in Saudi Arabia heightened concerns over supplies.
Technology megacaps that powered a four-year bull run in US equities bore the brunt of the selling as earnings from megacap companies added to concerns their rebound since late March had gone too far, too quickly. The group faces fresh tests next week with results from Microsoft Corp., Amazon.com Inc. and Alphabet Inc. landing alongside the Federal Reserve’s policy decision.
“Sentiment seems to be shakier these days as investors reconsider AI-related assets,” said Eugene Leow, senior rates strategist at DBS Bank Ltd. “With US yields still elevated by recent standards, investors may want to hedge off some of these risks by seeking safety in Treasuries.”
Treasuries surged across the curve Thursday as the deepening rout in AI-related shares, turmoil in French markets and renewed Middle East tensions fueled haven buying. The rally pushed the 10-year yield below 5% for the first time in a month, with buying in Treasury futures accelerating as traders unwound bearish positions.
In other corners of the market, the yen extended its gains to 156.60 per dollar. The US currency was a touch weaker against most of its Group-of-10 peers.
Gold held its losses from Thursday’s session, when it slumped 2.8% to trade just under $4,205 an ounce.
Concerns about the sustainability of artificial intelligence investment and its eventual payoff have knocked technology shares from recent highs and are beginning to weigh on the broader economic outlook. Traders also pared expectations for another Fed interest-rate increase this year.
Crude oil was another market that traders were paying attention to.
A drone strike on Saudi Aramco’s Shaybah field killed two people without disrupting operations, while an attack on King Fahd International Airport caused casualties. Houthi rebels also claimed strikes on the Saudi port of Yanbu.
Investors are concerned that “post-election, the Iran war may escalate and potentially continue for a longer time than anticipated,” said Joseph Saluzzi, partner and co-head of equity trading at Themis Trading LLC. “The bond rally also confirms the risk-off approach.”
In Asia, Chinese stocks will be in focus after a $2.4 trillion slide from their May peak pushed them into a bear market. Alibaba Group Holding Ltd. suffered its steepest drop in two months Thursday, dragging the Hang Seng Tech Index down 5%, its biggest decline since April 2025.
“Investor sentiment remains very poor for China’s onshore and offshore markets, and without new policy or tech catalysts, this kind of volatile, directionless environment may persist into early 2027,” said Homin Lee, senior macro strategist at Lombard Odier in Singapore.
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
