Mumbai, 8 Aug (Commoditiescontrol): Asian stock markets plummeted on Thursday, led by a sharp decline in tech shares, as investors struggled to navigate a volatile week. Japan's Nikkei share average fell 1%, with chip-sector shares dragging the index down, leaving it over 3% lower for the week.
Other Asian markets followed suit, with Taiwan's tech-heavy benchmark down 2% and Hong Kong's Hang Seng losing 1%. The MSCI Asia-Pacific index declined 0.8%, while Wall Street futures also weakened.
In contrast, safe-haven assets rebounded, with the yen appreciating 0.86% against the dollar and the Swiss franc gaining 0.3%. US Treasury yields retreated from their overnight surge, and the dollar index fell slightly.
The market turmoil comes as investors adjust to shifting expectations of interest rate changes by the Bank of Japan and Federal Reserve. Upcoming US jobless claims data may further impact markets, which are already reeling from soft payrolls figures.
Crude oil prices continued to rise, with Brent crude up 0.3% and US West Texas Intermediate crude gaining 0.4%, following a larger-than-expected draw in US crude stockpiles.
(By Commoditiescontrol Bureau: 09820130172)
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