Asian Stocks Fall as Semiconductor Rout Hits AI Trade; Oil Rallies
Asian stocks declined, led by South Korea's Kospi, as a selloff in semiconductor shares pressured the AI trade. Oil extended its four-day rally on heightened supply concerns after US strikes on Iran and risks to Strait of Hormuz shipping.
Asian stocks fell on renewed selling in semiconductor stocks, with South Korea's Kospi leading losses. SK Hynix dropped over 8%, weighing on the AI trade. Investors are now focused on TSMC's upcoming earnings for further clues on AI demand.
Oil extended its four-day rally as fresh US strikes on Iran and rising risks to shipping through the Strait of Hormuz heightened supply concerns.
Softer US inflation data reduced expectations of a near-term Federal Reserve rate hike, supporting bonds and limiting dollar strength.
Source: First Squawk