Asian Stocks Slide as Kospi Sinks 6% and Oil Holds Near $95
Updated
Updated · Reuters · Jun 5
Asian Stocks Slide as Kospi Sinks 6% and Oil Holds Near $95
3 articles · Updated · Reuters · Jun 5
Summary
MSCI's Asia-Pacific index outside Japan fell 1.6% on Friday, with South Korea's tech-heavy Kospi down more than 6% and Japan's Nikkei off 1.3%.
Broadcom's underwhelming results punctured this week's AI-driven rally, prompting investors to take profits in chip shares and cut risk before the weekend.
Middle East tensions added to the defensive mood after Hezbollah rejected a new Lebanon ceasefire and Israel said it would not withdraw troops, leaving U.S.-Iran peace efforts in limbo.
Brent crude held near $95 a barrel and was set for a weekly gain of more than 3%, while U.S. crude was on track to rise more than 6% as traders weighed the risk of prolonged supply disruption.
U.S. nonfarm payrolls due later Friday are the next test for markets, with forecasts for 85,000 jobs and an unchanged 4.3% unemployment rate.