AI Generated Image
Oil prices gain and Asian shares mostly fall as chipmakers extend losses
AP News • • business
Key Points:
- South Korea’s Kospi index continued its sharp decline, falling 1.2% on Thursday after losing over 16% in the past two days, driven by volatility in AI-related stocks and investor concerns about tech firms' heavy AI investments.
- Oil prices rose amid renewed U.S.-Iran tensions following U.S. strikes on Iran in response to an attack on a U.S. base, with Brent crude up 0.6% to $88.60 per barrel and U.S. crude rising 0.3% to $84.70 per barrel.
- Major chipmakers showed mixed performance: Samsung Electronics dipped 0.7% despite reporting record profits, while SK Hynix dropped 5.6% after missing analyst expectations despite strong earnings.
- U.S. stock markets fell sharply, with the S&P 500 down 1.5%, the Dow Jones down 2.2%, and the Nasdaq down 1.7%, following the Federal Reserve’s decision to hold interest rates steady and provide less guidance on future monetary policy.
- Asian markets showed mixed results, with Tokyo’s Nikkei rising 0.7%, Hong Kong’s Hang Seng edging up 0.2%, and Shanghai Composite falling 0.7%, reflecting ongoing uncertainty in global markets amid geopolitical and economic concerns.
