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AI concerns lead to market decline
Stocks and currency prices in emerging markets declined due to fears of an AI bubble, with the MSCI Emerging Markets Index dropping by 3.7% and the KOSPI index falling 10% after Samsung and SK Hynix shares declined by about 12%. Currencies such as the Hungarian Forint, Mexican Peso, and South African Rand also experienced declines linked to economic and political concerns, amid expectations of interest rate cuts in some countries. Romanian assets came under pressure due to escalating political crises, while the Tel Aviv 35 Index fell more than 13% due to regional tensions and warnings about the potential impact of a peace agreement with Iran on Israel.
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