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Asian markets tumbled on Wednesday, extending Wall Street’s overnight losses as investors grew increasingly cautious about overstretched stock valuations. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.8%, led by a steep 4.1% decline in South Korean equities. U.S. e-mini futures also slipped 0.4% following a 1.2% fall in the S&P 500.
Chris Weston, head of research at Pepperstone Group in Melbourne, described the market mood as “a sea of red across broad markets,” noting the absence of strong buying catalysts until Nvidia’s earnings report on November 19.
The recent retreat from record highs reflects growing fears that global equity markets may have risen too far, too fast. Caution has intensified after top Wall Street executives, including the CEOs of Morgan Stanley and Goldman Sachs, questioned whether the rally’s lofty valuations are sustainable. JPMorgan Chase CEO Jamie Dimon previously warned of the potential for a significant market correction within the next two years.
Investor enthusiasm around generative AI has fueled massive gains this year, drawing comparisons to the late-1990s dot-com bubble. Japan’s Nikkei index plunged 2.5%, with tech giant SoftBank Group tumbling 10% amid the broader selloff.
In currency markets, the U.S. dollar fell 0.2% against the yen to 153.41 following the release of minutes from the Bank of Japan’s September policy meeting. The dollar index briefly touched a five-month high of 100.25. Benchmark 10-year U.S. Treasury yields edged lower to 4.0697%, while the euro traded steady at $1.1484 after hitting a three-month low.
In commodities, gold inched up 0.1% to $3,936.48 per ounce after three sessions of losses, and Brent crude remained stable at $64.44 per barrel. Bitcoin briefly dipped below $100,000 before rebounding to $100,499.70.
