Stocks in Asia were mixed, but tech shares were met with more selling

Oil prices dropped from multi-month highs on Thursday and gold retreated from a record high.

A selloff in tech stocks extended into Asian trading, following declines on U.S. stock market, as investors rotated out of high-flying chip and artificial intelligence-related names while searching for bargains in other parts of the market.

Currencies paused for breath after the yen declined to its weakest point since July 2024 against the U.S. currency overnight and then rose sharply amid warnings of possible intervention by Japanese authorities.

Japanese bond yields eased back from record highs following a spike driven by speculation – which was later confirmed – that the government will call snap elections, a scenario that is expected to lead to bigger fiscal stimulus.

Brent crude futures shed 3.4% to $64.25 and Nymex futures dipped 3.4% to $59.89, after rising as high as $66.82 and $62.36, respectively, in the previous session.

Gold declined 0.5% to nearly $4,598 per ounce. On Wednesday, it reached an unprecedented $4,642.72.

Stocks in Asia were mixed, but tech shares were met with more selling.

In Japan, the tech-heavy Nikkei declined 0.9% after reaching an all-time high in the previous session, though the broader Topix extended its own record high on Thursday with a 0.8% advance.

TAIEX dipped 0.4% and Hang Seng slid 0.5%, with tech shares weighing.

Chinese blue chips edged 0.1% lower, while KOSPI added as much as 1.3% to a new record high. The Bank of Korea left interest rates unchanged on Thursday and signalled an end to its current easing cycle to prioritize financial stability.

FTSE futures pointed 0.6% higher, suggesting the cash index would open with an extension of its record high from Wednesday. Pan-European STOXX 50 futures tacked on 0.3%.