Asian stocks fall sharply on geopolitical concerns and tech selling

Summarised from 2 outlets · Updated 13 Oct, 03:32 · Archive

Asian stock markets fell sharply on Tuesday, led by technology shares, as Middle East tensions pushed oil prices higher.

Asian stock markets fell sharply on Tuesday led by technology shares as widening Middle East conflict kept oil prices elevated ahead of the earnings season. MSCI's broadest index of Asia-Pacific shares outside Japan fell 2.0 per cent in early trading, with tech-heavy South Korea's KOSPI sliding 6.0 per cent and Japan's Nikkei sinking 2.6 per cent after returning from a holiday. Brent crude futures reached $US105.9 per barrel, near a two-week high, as investors contended with supply risks from attacks on Saudi Arabia and the fragile Russia-Ukraine energy situation.

The declines were driven by multiple factors. A chipmaker selloff on Wall Street overnight bled into the Asian region, with the tech-heavy Nasdaq falling 0.5 per cent as investors fretted about the durability of the artificial intelligence rally amid higher competition between the US and China. Oil market volatility added to the pressure, with Charu Chanana, chief investment strategist at Saxo in Singapore, noting that 'markets are rediscovering that geopolitics matters most when it feeds back into inflation'. The cautious sentiment helped keep the US dollar near an 18-month high.

How it is being reported

• Asia stocks dive amid focus on geopoliticsMSCI's broadest index of Asia-Pacific shares outside Japan has fallen 2.0 per cent in early trading, with tech-heavy South Korea's KOSPI sliding 6.0 per cent.The West Australian · 13 Oct, 03:13
• Asia stocks dive amid focus on geopoliticsMSCI's broadest index of Asia-Pacific shares outside Japan has fallen 2.0 per cent in early trading, with tech-heavy South Korea's KOSPI sliding 6.0 per cent.Perth Now · 13 Oct, 03:13

In this story: Asia-Pacific · South Korea · Japan · Saudi Arabia · Russia · Ukraine · United States · China

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