Precise Investors Editorial Team
MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.6%, down for a second day as Korean shares dropped 3.2% before rebounding
Stocks started the Asian session on the back foot on Wednesday, with talks between Tehran and Washington at a standstill.
MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.6%, down for a second day as Korean shares dropped 3.2% before rebounding. The Korean market has been on a rise in recent weeks, breaking records regularly on an AI-led rally that some traders say was ripe for a pullback.
Nikkei 225 was down 0.2%, while S&P 500 e-mini futures nudged 0.1% lower.
A hotter-than-expected (U.S.) inflation report and persistent geopolitical tensions reminded investors that sticky prices and elevated energy costs are not going away anytime soon, said Tony Sycamore, market analyst at IG in Sydney.
The war in the Middle East remained in a stalemate, as the U.S. president said on Tuesday he does not think he will need China’s help to end the war with Iran, ahead of his meeting with Chinese President Xi Jinping later this week.
We’ve seen this movie before, and we know it doesn’t end with a breakthrough agreement that resets the U.S.-China relationship, said Phillip Wool, chief research officer and head of portfolio management at Rayliant Investment Research.
That creates a pretty low bar for success: As long as Trump and Xi can get along and the trade détente continues, that should be enough to count this meeting as a win for both sides, he said.
Brent crude slid 0.6% to $107.13. Oil prices have held at or above $100 a barrel since late February, when Tehran’s effective closure of the Strait of Hormuz rattled supply.
In Seoul, Samsung Electronics shares slumped 5.7% after the electronics giant failed to reach a pay deal with South Korean labour union on Wednesday, setting the stage for more than 50,000 workers to go ahead with a full strike that threatens to disrupt production of AI and other chips.
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