Asian Stocks Plummet After Warsh's Hawkish Comments

The Asian stock market suffered losses on Monday after Federal Reserve chair Kevin Warsh's hawkish comments in his Jackson Hole speech. The MSCI Asia Pacific equities gauge fell as much as 1% before paring its decline to 0.6%, with technology shares leading the losses.

The Kospi Index, which is a key indicator of artificial intelligence investments, dropped 1.6% due to declines in chipmakers Samsung Electronics and SK Hynix. US stock-index futures also retreated, with S&P 500 futures falling 0.3% as of 9:45 am Tokyo time.

The Hang Seng futures fell 0.2%, Nikkei 225 futures (OSE) dropped 1.7%, Japan's Topix declined 0.7%, and Australia's S&P/ASX 200 was little changed.