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Asian indices fall on tech selloff
Asian stocks declined, led by the technology sectors, as a result of Wall Street losses and Middle East tensions. South Korean, Japanese, and Australian indices experienced notable declines, while bond yields and rising oil prices exerted additional pressure on the markets. The KOSPI fell by 5.89%, the Japanese Nikkei by 2.97%, and the Australian S&P/ASX by 0.50%. Despite the rise in yields on U.S., Japanese, and German bonds, expectations for economic growth and strong corporate profits supported the stock market, even as yield rates reached multi-year highs. Investors are also expected to pay close attention to the upcoming Federal Open Market Committee meeting minutes, especially given the internal divisions within the central bank regarding interest rate hikes.
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