Stock selloff eases in Asian trade, oil declines: Markets wrap
Brent crude fell 1.5% to about $111.71 a barrel following reports that Trump wants to give diplomacy more time before deciding whether to resume strikes on Iran following Tuesday’s midterm elections
Asian stock markets showed signs of recovery in early Monday trading, with declines easing compared to Wall Street peers. The Nasdaq 100 and S&P 500 futures both turned higher, indicating a potential rebound when US cash markets reopen. Oil prices declined, with Brent crude falling 1.5% to around $111.71 a barrel. China's financial regulators will hold a meeting to discuss measures supporting the capital market, reflecting authorities' efforts to halt the slump in Chinese stocks.
The selloff in tech shares highlights investors' reduced tolerance for companies whose core businesses are slowing due to surging AI spending. Analysts warn that the payoff from AI investments may be postponed further. Binance, the world's largest cryptocurrency exchange, reported a $3.6 billion net outflow of crypto assets after restoring customer withdrawals following a record hack. The impact on the crypto market appears to be stabilizing.
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- Asian stocks mixed as tech sector struggles to rebound from selloff channelnewsasia.com
