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Asian stocks fall on AI and oil worries
Asian stock markets experienced sharp declines today due to investors' concerns over the valuations of artificial intelligence companies and rising oil prices following Washington's interception of Iranian missiles. This reflects escalating tensions in the Strait of Hormuz and their impact on global supplies. The South Korean "KOSPI" index dropped more than 11%, influenced by a decline in semiconductor stocks. Additionally, Taiwanese shares fell by 5%, and Japan's "Nikkei" index declined by 2.6%. Meanwhile, oil prices surged by over 3%, with Brent crude reaching $87.19 per barrel. Markets are now awaiting the results of major technology companies "Microsoft" and "Meta" to gauge the AI sector's resilience, amid a 33% chance of an American interest rate hike. There are also warnings that rising energy prices may increase the likelihood of tighter monetary policy to combat inflation.
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