Global Markets Mixed Amid Tech Declines and Iran Uncertainty
Global stock markets were mixed on Thursday after major tech companies experienced declines on Wall Street. South Korea's Kospi dropped more than 4% following a decline in memory chipmaker SK Hynix, which fell by 10.4%. Its larger rival Samsung Electronics lost 6.3%. The uncertainty surrounding the US war with Iran continues to impact markets, despite hopes for a reopening of the Strait of Hormuz.
The price of Brent crude held steady at $79 a barrel, while US benchmark crude remained unchanged at $75.21. Investors are awaiting Friday's jobs report, which could have a significant impact on markets.
Analyst Stephen Innes said that Asia's chip selloff is 'a combination of profit-taking and risk reduction ahead of Friday's nonfarm payroll report.' Strong corporate profits and growth expectations have generally driven US stocks higher. However, Asian benchmarks have been hit by selling in computer chipmakers and other AI-related companies.