South Korea's KOSPI triggers circuit breaker in tech-led selloff
Asian stock markets suffered a sharp decline on Thursday (Oct 15), driven by a surge in US consumer price inflation and concerns over higher interest rates from the Federal Reserve. Seoul's KOSPI experienced a more than 7% drop, with SK hynix and Samsung falling over 10%. In Tokyo, the Nikkei 225 shed over 5% as Kioxia and Advantest suffered significant losses.
Taipei's stock index fell more than 3% amid heavy losses for TSMC. The selling was triggered by the US inflation data, which came in hotter than expected at 3.7% in September, surpassing forecasts. The Fed's potential rate hikes over the year ahead increased, leading to a 31.6% probability of a 25-basis-point hike at their next meeting on Oct 28.
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