Asian stocks hit three-month lows
Asian stocks declined sharply, reaching their lowest levels in three months amid a broad sell-off in the technology sector due to investors' concerns over rising costs of AI investments. Heightened tensions in the Gulf region also contributed, leading to higher oil prices and putting pressure on global risk appetite. The MSCI index lost 1.8%, the Japanese Nikkei dropped 2%, Tokyo Electron's stock fell 6%, and Samsung's shares declined over 4%. Despite gains on Wall Street, Asian markets were negatively impacted by Meta's plans to issue shares to fund AI projects, coinciding with rising oil prices and U.S. Treasury yields falling to 5.08%. Bitcoin's price dipped below $83,000, as pressures on global markets continued.
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