Nikkei and KOSPI Slide About 6% as Asian Tech Selloff Deepens

what happened

According to TradingView, which relays reports from RTTNews and dpa-AFX, Tokyo's benchmark has now fallen in five consecutive sessions, shedding close to 7,200 points, or 11.6%, over that stretch. On Friday the Nikkei 225 lost 5.96%, or 3,643.13 points, ending at 57,434.77. Technology, chipmakers, financials and carmakers took the heaviest hits. Seoul's KOSPI fell 6.02% to 5,059.69, with 297 million shares changing hands for 27.5 trillion won. Only 131 stocks rose while 757 declined.

On Wall Street the Dow slipped 0.46% to 51,285.73, whereas the Nasdaq climbed 1.09% to 24,579.42 and the S&P 500 added 0.31% to 7,376.86. For the week the Nasdaq dropped 3.4%, the S&P 500 fell 2.7% and the Dow lost 0.9%. Chip stocks surged, with the Philadelphia Semiconductor Index jumping 4.2%, after Thursday's decline had sent the Nasdaq to its lowest close in more than six months. Crude also firmed, with December WTI up 0.51% at $90.98 a barrel as Donald Trump declined to rule out renewed strikes on Iran.

why it matters

A stronger-than-expected October jobs report strengthened the case for a Federal Reserve rate increase at its December meeting, keeping pressure on richly valued technology shares. Asian indexes look oversold after the sharp drop, and analysts expect some bargain buying early in the week, though the outlook remains unclear.

market impact

Asian equities: the Japanese and Korean selloff weighs on indexes, while Fed rate-hike expectations add nervousness

• ▼Nikkei 225 pressure down — broad selloff in technology, financials and carmakers
• ▼KOSPI pressure down — losses across technology and semiconductor sectors

instruments

on polymarket