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Asian stocks retreat ahead of US midterms, oil steadies
Reuters • • business
Key Points:
- Asian tech stocks declined due to investor concerns over AI spending and earnings, with Korean and Taiwanese equities experiencing notable outflows amid doubts about the tech cycle's sustainability.
- US midterm elections voting began, with markets closely watching potential impacts on Congress control; polls favor Democrats for the House, while the Senate race remains uncertain.
- Oil prices stabilized after a recent drop, with Brent crude rising slightly as investors monitored US-Iran peace talks and recent US military strikes on Iran's Qeshm Island.
- The US dollar strengthened against the Chinese yuan following the People's Bank of China's move to raise the foreign exchange reserve ratio, aiming to slow the yuan's rally.
- Cryptocurrencies showed volatility after last week's Binance hack, with significant fund withdrawals; Bitcoin saw a minor increase, while ether experienced a slight decline.
