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- Equites getting hit. South Korea Kospi dumped 6%. Japan's Nikkei down more than 2.5%
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Session Wrap
- Asia-Pac equities sold off heavily, led by a violent tech rotation out of AI-linked names after Meta's sudden capex discipline rattled Wall Street overnight
- South Korea bore the brunt, with the KOSPI slumping as much as 6% and triggering a sidecar as Samsung Electronics and SK Hynix each shed more than 7%
- Japan's Nikkei fell around 1%, softer than the regional selloff, while Hong Kong bucked the trend on local tech and biopharma strength as Shanghai stayed in the red
- Oil extended its grind lower as US-Iran talks in Doha wrapped with Qatar citing positive progress, though no breakthrough
- Gold pushed back above $4,000/oz, supported by softer jobs data and falling oil, with all eyes now on today's payrolls print for Fed cues
- Iron ore briefly topped $100/ton after China's state-backed buyer moved to restrict some Fortescue port inventories, though AUD slipped
- Apple in talks to source memory chips from blacklisted Chinese suppliers CXMT and YMTC, while Nikkei reports the company is planning five new iPhone models across H2 2026 and H1 2027
Regional equities copped a heavy hit through the session as a sharp rotation out of AI infrastructure names spilled across Asia-Pac markets. The catalyst traced back to Wall Street, where Meta's abrupt signal of capex discipline, reportedly including plans to sell off computing power, reignited concerns about overbuilt AI capacity and triggered a violent selloff in US tech that carried straight through into Asian trade.
South Korea felt it hardest. The KOSPI slumped as much as 6% and tripped a sidecar circuit breaker in early trade, with Samsung Electronics and SK Hynix both losing more than 7% and erasing billions in combined market value as the broad US semiconductor rout hit chipmakers directly. Japan's Nikkei was comparatively more contained, down around 1% and off its worst levels of the session, though still weighed by the same tech selling alongside recent upside in yields. Greater China was mixed, with the mainland conforming to the risk-off tone while Hong Kong bucked the trend, supported by strength in local tech, biopharmaceutical and auto names on its return from holiday closure. US equity futures were sitting mildly positive into the local close.
Elsewhere, oil continued its slow drift lower following the latest round of indirect US-Iran talks in Doha. Qatar's Foreign Ministry said mediators had concluded separate meetings with both sides and noted positive progress on issues tied to the Islamabad MoU, though no lasting breakthrough was signalled.
Gold caught a bid on the back of softer than expected (US) jobs data Wednesday and the retreat in oil, with spot pushing back above the $4,000/oz mark and touching its highest level since June 23 in the prior session before today's payrolls report takes over as the next major catalyst for Fed pricing. Worth flagging for the medium term: a recent OMFIF survey found central banks themselves see gold trading in a $5,000 to $6,000/oz range in twelve months.
In commodities, iron ore futures briefly cleared $100 a ton after China's state-backed buyer signalled plans to restrict some Fortescue inventories held at mainland ports. The Aussie slipped back.
On the corporate side, Apple is reportedly in active talks to source memory chips from ChangXin Memory Technologies and Yangtze Memory Technologies, both on the Pentagon's Section 1260H blacklist, with any supply earmarked primarily for the Chinese market and no agreement yet finalised. Separately, Nikkei reports Apple is planning a five model iPhone lineup split across H2 2026 and H1 2027, including a larger volume of folding handsets than previously expected.
