Tech rout and hot US inflation
A deep chip and AI sell-off is hammering Asia after a hotter-than-expected US CPI. Fed rate-hike fears are back.
Asian markets (live)
Kospi: –8.0% to 5,530 (Samsung and SK Hynix down about 9–11% earlier)
Nikkei 225: –4.5% to 64,696
Shanghai Composite: –2.4% to 3,677
Hang Seng: –1.5% to 23,960
Taiex: about –3%
Wall Street (Wednesday close)
S&P 500: –1.1% to 7,718.94
Nasdaq: –1.9% to 26,692.87
Dow: –0.1% to 51,621.48
September CPI: 3.7% y/y (forecast 3.6%, August 3.4%). Core CPI: 2.6% y/y.
The 10-year Treasury yield jumped to about 5.28%.
Markets (live)
EUR/USD: 1.1212 (+0.5%)
Gold: about $4,160 (+1.3%)
Brent: about $104.5 (–1.5%), with Houthi attacks on Saudi Arabia and Hormuz shipping fears keeping oil elevated
Bitcoin: about $81,300 (–2.6%)
Today (GMT+3)
10:30 – Bank of England’s Bailey speaks
15:30 – Retail sales, PPI and weekly jobless claims
19:00 – US crude oil stocks
The Fed may hike again, so volatility can stay high.
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