Key facts
- Asian stock markets declined on Thursday, primarily due to a sell-off in semiconductor shares.
- South Korea's Kospi index fell 5.1%, with SK Hynix and Samsung Electronics experiencing significant drops.
- Japan's Nikkei 225 lost 1.5%, and Taiwan's Taiex declined 1.1%, impacted by chip-related stocks.
- US chip stocks, including Micron Technology and Intel, also saw substantial declines on Wednesday.
- Oil prices continued to fall, with Brent crude trading around $70.89 a barrel.
- Hong Kong's Hang Seng bucked the trend, rising 0.8% on strong sales from BYD.
- European markets opened flat, awaiting US jobs data.
- US stock futures edged lower ahead of the June employment report, expected to show 115,000 jobs added.
Asian stock markets mostly declined on Thursday, dragged down by a significant sell-off in semiconductor shares. South Korea's Kospi index was particularly hard-hit, tumbling around 5.1%, with memory chipmakers SK Hynix and Samsung Electronics experiencing substantial drops of 7.7% and 6.4% respectively.
In Tokyo, the Nikkei 225 shed about 1.5%, with chip-equipment maker Tokyo Electron down around 5.6%. Taiwan's Taiex slipped 1.1% as TSMC, the world's largest contract chipmaker, gave up 1.8%. These declines followed a rough session for chip stocks on Wall Street the previous day, where Micron Technology dropped more than 10% and Intel sank around 9%.
Despite the broader market weakness, Hong Kong's Hang Seng rose about 0.8%, lifted by an 8.7% jump in electric-vehicle maker BYD after it reported a second straight monthly rise in sales. India's Sensex added 0.5%.
European stocks opened flat, with major indices trading within a narrow range. Crude prices continued their slide, with Brent crude easing around 1% to about $70.89 a barrel and WTI dropping 3% to roughly $67.91.
Attention now turns to the US, where stock futures edged lower ahead of the June employment report. Economists expect around 115,000 jobs were added last month. A strong reading could reinforce the case for keeping interest rates higher for longer, according to market participants.