Asian stocks hit 3-month low as tech selloff and Gulf tensions weigh
Asian stocks sank to a three-month low on Thursday, led by a technology share selloff amid concerns over AI investment costs and escalating Gulf tensions that boosted oil prices and dampened risk sentiment. MSCI's Asia-Pacific index fell 1.8%, with Japan's Nikkei down 2%, Korean shares tumbling over 4%, and Hong Kong's Hang Seng losing more than 3%. Tech firms like Tokyo Electron, SK Hynix, and Alibaba suffered steep declines despite positive Wall Street earnings from Meta and SpaceX. Oil rose over 2% to $111.03 a barrel after Houthi attacks in Saudi Arabia raised supply disruption risks. Treasury yields fell as investors sought safety, while the dollar dipped and gold eased to $4,067.50 per ounce.