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Asian Stocks fell further on Thursday after AI shares fell, sending the US market to its worst day in almost a month.
Traders are awaiting an update on US inflation and a decision from Japan’s central bank on Friday on interest rates. bank off Japan It is expected to hike its key rate by 0.25 per cent to ease price pressures, despite a contraction in the July-September quarter.
tokyoThe Nikkei 225 fell 1.2% to 48,929.95, with technology shares leading the decline.
Computer chip maker Tokyo Electron fell 3.5% while chip testing equipment maker Advantest dropped 4.1%.
Honda Motor Corp fell 2.9% after it reported suspending production at some plants in Japan and China due to a shortage of computer chips.
South Korea’s Kospi fell 1.8% to 3,989.06, also dragged down by selling of shares in electronics companies and automakers. LG Electronics fell 4.3%, while Samsung Electronics dropped 1.6%.
Chinese markets were mixed, with Hong Kong’s Hang Seng falling 0.4% to 25,357.64, while the Shanghai Composite Index rose 0.2% to 3,876.40.
In Australia, the S&P/ASX 200 fell 0.1% to 8,575.50.
Later on Thursday the US government will report on inflation last month. Economists expect the report to show that prices for American consumers are rising faster than anyone expected.
The S&P 500 fell 1.2% to 6,721.43 on Wednesday and the Dow Jones Industrial Average fell 0.5% to 47,885.97. The Nasdaq Composite fell 1.8% to 22,693.32.
Stocks rose slightly more than fell within the S&P 500, but they were sunk by declines for companies in the artificial-intelligence industry.
The sector is pressured by questions about whether the share prices of Big Tech companies have gone too high, whether all investment in AI will be profitable and productive to justify the cost, and concerns over the stratospheric levels of debt some companies are taking on to pay it off.
Broadcom fell 4.5%, Oracle fell 5.4% and Coreview dropped 7.1%. NVIDIAThe chip company, which has become Wall Street’s most influential stock because of its overwhelming size, fell 3.8% and was the day’s heaviest drag on the S&P 500.
Power companies, which had jumped in at the beginning of the year on expectations of strong demand from power-sucking data centers, also lost some of their luster. Constellation Energy fell 6.7%.
on the winning side of wall Street After President Donald Trump ordered a blockade of all “sanctioned oil tankers” in Venezuela, oil companies were.
This pushed the price of a barrel of benchmark US crude oil up 1.2% to $55.94. Just a day later, it reached its lowest level since 2021.
Early Thursday, U.S. crude was up 43 cents at $56.24 a barrel. Brent crude, the international benchmark, rose 40 cents to $60.08 a barrel. It was up 1.3% on Wednesday.
That helped ConocoPhillips rise 4.6%. Devon Energy rose 5.3% and Exxon Mobil rose 2.4%.
Oil prices have been falling for most of this year on expectations that companies will be pumping more than enough crude to meet world demand.
Netflix added 0.2%, followed by Warner Bros. Discovery’s board said it still recommends shareholders approve a buyout offer from the streaming giant for its Warner Bros. business rather than Paramount Skydance’s competitively hostile bid for the entire company.
Warner Bros. Discovery fell 2.4%, while Paramount Skydance dropped 5.4%.
In other deals early Thursday, the US dollar rose to 155.75 Japanese yen from 155.70 yen. The euro slipped to $1.1740 from $1.1743.