Asian stock markets fall
Asian stock markets fell on Monday as concerns over Big Tech investments and rising probability of a rate hike led to the worst day for US stocks since October. This was reported by Qazaqyia.kz citing Associated Press.
Japan's Nikkei 225 fell 4.5% to 63,604.15 points. The Japanese government revised the annual economic growth rate for the first quarter to 1.8%.
South Korea's KOSPI fell 2.1% to 2,540.36 points. Hong Kong's Hang Seng fell 1.9%, and China's Shanghai Composite fell 0.8%. Australia's S&P/ASX 200 fell 1.5%.
On Wall Street, the S&P 500 fell 2.7% on Friday, its biggest one-day drop since October. The Dow Jones Industrial Average fell 1.8%, and the Nasdaq Composite fell 3.5%.
The decline was driven by concerns over Big Tech stocks, as investors doubt the profitability of large investments in artificial intelligence. Additionally, expectations of a possible rate hike by the US Federal Reserve also pressured markets.
The Japanese yen traded at 155.33 yen to the US dollar, down from the previous 155.50 yen. The Brent crude oil benchmark fell 0.5% to $79.20 per barrel.
Analysts warn that market volatility will persist as investors await Fed decisions and corporate reports in the coming weeks.