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Asian shares fell sharply on Thursday as technology stocks came under renewed pressure, driven by growing investor concerns over heavy artificial intelligence spending and its impact on corporate balance sheets. Market sentiment was also dampened as investors braced for a busy slate of central bank meetings worldwide, expected to highlight widening policy divergence across major economies.
MSCI’s broad Asia-Pacific index excluding Japan declined 0.5%, with South Korean stocks tumbling 1.3% and Hong Kong’s Hang Seng Index slipping 0.5%. Japan’s Nikkei fell 1.2%, reflecting weakness in tech-heavy sectors following a selloff on Wall Street. Despite the earlier drop, U.S. equity futures showed modest gains, with Nasdaq futures up 0.3% and S&P 500 futures rising 0.2%.
The technology sector remained in focus after Nvidia shares dropped 3.8%, reigniting fears over whether massive AI-related capital expenditure can deliver sustainable returns. Oracle shares plunged 5.4% after the company revealed an equity deal linked to a data center project would proceed without a key partner, Blue Owl Capital. Oracle has now lost nearly half its market value since mid-September, when optimism around an OpenAI-related deal briefly boosted the stock.
Geopolitical tensions added to market volatility, particularly in commodities. Oil prices extended gains after U.S. President Donald Trump ordered a “blockade” on sanctioned Venezuelan oil tankers, tightening global supply expectations. U.S. crude rose to $56.91 per barrel, while Brent climbed to $60.62. Precious metals remained elevated, with silver hovering near record highs and gold easing slightly but still trading above $4,300 an ounce.
In currency markets, the British pound remained under pressure after UK inflation fell more than expected to 3.2%, reinforcing expectations of an imminent Bank of England rate cut, now almost fully priced in by markets. The euro held steady ahead of the European Central Bank’s policy decision, where rates are widely expected to remain unchanged.
Investors are also watching U.S. inflation data and comments from Federal Reserve officials, as expectations grow that weakening labor market conditions could open the door to future interest rate cuts, adding another layer of uncertainty to global financial markets.
