Asia open: Tech selloff deepens as US Dollar strength pressures global markets
Global markets turned defensive as a broad technology selloff hit Wall Street and Asia-Pacific semiconductor stocks. The Nasdaq 100 plunged 3.3% while the US Dollar Index extended its breakout above 101.00, supported by rising Treasury yields and persistent higher-for-longer rate expectations. Meanwhile, oil prices continued to slide as Iranian export waivers and normalised Strait of Hormuz shipping flows accelerated the unwinding of the geopolitical risk premium.
Asia open: US stock futures and Asia Pacific equities wobbled on a firmer US dollar
Global markets entered a more cautious phase as a stronger US dollar and rising Treasury yields offset positive sentiment from easing Middle East tensions. Oil prices continued to decline following the US-Iran 60-day peace roadmap and temporary authorisation of Iranian crude exports. AI-related capital expenditure remained a bright spot, with Micron and Anthropic unveiling a major strategic partnership that lifted semiconductor stocks and reinforced the long-term AI infrastructure investments.