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MSCI Asia-Pacific index outside Japan falls 1.7%; Japan’s Nikkei drops 3%; and South Korea’s KOSPI declines 3.5% on Friday.
Asian Markets Today.
Asian stocks fell from record highs on Friday after Apple raised prices, which showed the downside of strong chip demand. The Japanese yen stayed near a 40-year low, only supported by the threat of government intervention. Brent crude oil prices slipped 0.5% to $74.89 a barrel, after jumping 2% overnight because of reports of a ship attack near the Strait of Hormuz.
Iran warned ships not to use routes it hasn’t approved, but more oil tankers have crossed the area with military help, easing supply worries. Nasdaq futures fell 0.6% in Asia. The Nasdaq dropped overnight after Apple shares fell 6.1% when the company announced price hikes for iPads and MacBooks to deal with rising chip costs, wiping out about $250 billion in value. Microsoft is also raising Xbox prices by up to $150 worldwide. This cooled excitement from Micron’s strong earnings, whose shares jumped almost 16% to a record high.
Nigel Green, CEO of deVere Group, said, “Micron shows where the profits are. Apple shows where the inflation is.” He added that the rush to build AI infrastructure is making demand for advanced memory outpace supply, and Apple’s price hikes are an early sign that inflation is spreading in new ways.
Analysts also say that end-of-month and end-of-quarter adjustments may have added to the weakness in big tech stocks. On Friday, the MSCI Asia-Pacific index outside Japan fell 1.7%, bringing its weekly loss to 3.4%. It was down 1.6% for the month but up 24% for the quarter. Japan’s Nikkei dropped 3% and was set for a 1.3% weekly loss, but is up 6% for the month and 38% for the quarter. South Korea’s KOSPI fell 3.5% and is down 5% for the week, but has surged 70% in the second quarter. Chinese blue-chip stocks fell 1% and Hong Kong’s Hang Seng lost 1.3%.
The yen stayed near its weakest level against the dollar in 40 years at 161.82, well past the 160 level that many see as a warning for Japanese authorities. The yen found little support even after US inflation data matched forecasts and traders lowered expectations for a Federal Reserve rate hike in September.
Other data showed the US economy grew faster than first thought in the first quarter, but consumer spending almost stopped, raising doubts about growth in the second quarter. The dollar index stayed at 101.46, close to its highest since May 2025, and is up 2.6% this month. Treasury yields were steady after slipping a bit overnight. 2-year yields stayed at 4.1250%, while 10-year yields were little changed at 4.4020%. Precious metals had a tough month, with gold down 11% to $4,020 an ounce and silver down 24% to $57.3 an ounce.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)
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