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Asian markets fall on AI and oil fears
Asian stock markets experienced a sharp decline amid investor concerns over high valuations of AI companies and the possibility of interest rate hikes. The South Korean "KOSPI" index dropped by over 11%, reaching its lowest level since April. Taiwanese stocks declined by 5%, and the Japanese "Nikkei" index fell by 2.6%. Meanwhile, oil prices surged by more than 3% after Washington intercepted Iranian missiles, with Brent crude topping $87.19. Tensions in the Strait of Hormuz and their impact on international supplies contributed to this increase. Markets are also awaiting earnings reports from major tech companies like Microsoft and Meta, while keeping an eye on the U.S. Federal Reserve’s policy.
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