Asian markets drop sharp as technology stock sell-off deepens

Asian stock markets fell sharply on Thursday morning before European markets opened, as a sell-off in technology shares deepened. Euronews reported that the decline followed a drop in United States stocks caused by hotter-than-expected inflation data. Futures for United States equities were also lower. [1]

South Korea's benchmark Kospi index dropped 7.7 percent to 5,548.78, according to Euronews. The index fell well below the 9,000 mark that it had crossed in June at its all-time high, which was driven by optimism surrounding artificial intelligence. Shares in Samsung Electronics declined by 9.5 percent, while South Korean memory chipmaker SK Hynix fell 11.4 percent. [1]

In Japan, the Nikkei 225 index dropped 4.8 percent to 64,489.06, Euronews reported. SoftBank Group, an investor in OpenAI, lost 9.4 percent during the trading session as semiconductor equipment manufacturers also experienced losses. [1]

As FTMQ News reported earlier, American stock markets had already experienced downward pressure as fluctuating crude oil prices and rising United States Treasury bond yields stirred financial anxieties. Yields on United States Treasury bonds recently reached 24-year highs following record market peaks. [2]