Asian markets slip as tech stocks drag, oil tumbles on Iran signals

Equities across Asia traded mixed to lower while US futures edged down, with Big Tech losses weighing on sentiment and crude prices sliding after comments by President Donald Trump eased fears of imminent executions in Iran.

Asian shares were mostly weaker on Thursday and US futures dipped after Wall Street retreated overnight, led lower by declines in major technology stocks. Investor caution was also shaped by geopolitical developments, which pushed oil prices sharply lower.

Crude fell by more than $2 a barrel after US President Donald Trump said he had been informed “on good authority” that plans for executions in Iran had been halted, despite Tehran signalling rapid trials and punishments as part of its crackdown on protesters. US benchmark crude dropped 3.3 per cent to $59.88 a barrel, while Brent fell 3.2 per cent to $64.40.

In Asia, Japan’s Nikkei 225 declined 0.9 per cent to 53,863.84 as technology shares came under pressure. SoftBank Group slid 5.6 per cent, testing equipment maker Advantest fell 4.1 per cent, and chipmaker Tokyo Electron lost 3.3 per cent.

Toyota Industries, however, jumped 6 per cent after reports that Toyota Motor had raised its buyout offer to 18,800 yen per share.

Hong Kong’s Hang Seng index fell 0.6 per cent to 26,850.78. Shares of Trip.com plunged more than 20 per cent after Chinese authorities said they had launched an antitrust investigation into the online travel platform. On the mainland, the Shanghai Composite slipped 0.6 per cent to 4,101.52.

South Korea’s Kospi bucked the trend, rising 0.5 per cent to 4,747.85, while Australia’s S&P/ASX 200 added 0.3 per cent to close at 8,851.00. Taiwan’s Taiex eased 0.6 per cent, ahead of earnings from chip giant TSMC later in the day.

US futures for the S&P 500 and the Dow Jones Industrial Average were both around 0.1per cent lower. On Wednesday, the S&P 500 fell 0.5 per cent to 6,926.60, its second consecutive loss, while the Dow slipped 0.1 per cent to 49,149.63. The Nasdaq Composite dropped 1 per cent to 23,471.75.

Big Tech stocks were a key drag as investors trimmed exposure amid concerns over stretched valuations following the artificial intelligence rally. Nvidia fell 1.4 per cent and Broadcom slid 4.2 per cent. Banking stocks also weakened, with Wells Fargo sinking 4.6 per cent after disappointing quarterly results, while Bank of America and Citigroup dropped 3.8 per cent and 3.3 per cent respectively.

Energy shares helped limit broader losses as oil prices had risen earlier in the session. Exxon Mobil gained 2.9 per cent and Chevron rose 2.1 per cent.

Demand for safe-haven assets remained firm. Gold slipped 0.8 per cent on Thursday but hovered near record highs. In bond markets, the yield on the US 10-year Treasury eased to 4.14 per cent from 4.18 per cent, reflecting increased demand for government debt.

In currency trading, the dollar strengthened to 158.63 yen, while the euro edged lower to $1.1636.

With PTI inputs