Why it matters
- South Korea's Kospi fell 1.98% to 6,803.90, the region's biggest decline, as SK hynix and Hanwha Aerospace dropped.
- Japan's Nikkei 225 lost 0.92% to 70,035.71 as investors took profits in chip stocks after a three-month high.
- Hong Kong's Hang Seng fell 0.62% as higher oil prices revived inflation worries, with mainland markets still closed for the holiday.
Session recap: what happened in this region's trading day, with sources.
Asian stocks fell on Wednesday, Oct. 7, as higher oil prices and bond yields hit technology shares. South Korea's Kospi dropped 137.49 points, or 1.98%, to 6,803.90, and Japan's Nikkei 225 fell 648.27 points, or 0.92%, to 70,035.71, according to Yahoo Finance data. Hong Kong's Hang Seng Index lost 0.62%.
| Market | Wednesday close | Change |
|---|---|---|
| Nikkei 225 (Japan) | 70,035.71 | −0.92% |
| Hang Seng (Hong Kong) | 24,130.50 | −0.62% |
| S&P/ASX 200 (Australia) | 8,727.70 | −0.09% |
| Taiex (Taiwan) | 49,806.37 | −0.03% |
| Kospi (South Korea) | 6,803.90 | −1.98% |
| Straits Times Index (Singapore) | 5,608.44 | −1.63% |
| Sensex (India) | 72,638.70 | −0.59% |
Source: Yahoo Finance chart data. Changes are from each market's Tuesday close.
Why did Asian stocks fall on Wednesday?
Oil and yields rose again. Brent crude climbed back above $101 a barrel after Houthi attacks on Saudi targets and a storm threat to U.S. Gulf facilities, Trading Economics said. The 10-year U.S. Treasury yield rose 3.6 basis points to 5.307% by early European trading, Dow Jones reported via MarketScreener.
Japan: chip stocks lead the Nikkei lower
The Nikkei still closed above 70,000, a level it first reclaimed on Tuesday. Investors locked in profits after the index hit a three-month high, Trading Economics said, and tech and AI shares took the biggest hit. Chip-equipment maker Disco fell 6.3%, memory maker Kioxia lost 4.5%, Tokyo Electron fell 2.4% and Advantest slid 1.3%, Yahoo Finance data showed. Banks also fell, with Mizuho down 2.4%, according to Trading Economics.
The yen traded near 158.21 per dollar around 12:50 GMT, weaker than late Tuesday, Yahoo Finance data showed.
Korea: chipmakers and defense stocks slide
The Kospi had the region's worst day. Investors are waiting for Samsung Electronics' third-quarter earnings and questioning whether strong memory-chip demand will last, Trading Economics said. SK hynix fell 2.8% and Samsung Electronics lost 1.3%, while Hanwha Aerospace dropped 5%, Yahoo Finance data showed.
Hong Kong: biotech gives back gains
The Hang Seng fell 150.06 points to 24,130.50, and the Hang Seng China Enterprises Index slipped 0.57%. Health care and tech shares, which led Tuesday's rally, came under selling pressure, Trading Economics said. GenScript Biotech plunged 12.7%, giving back Tuesday's gains, WuXi Biologics fell 2.1%, Tencent lost 1.8% and Xiaomi slid 1.3%, Yahoo Finance data showed.
Mainland Chinese markets stayed closed for the National Day holiday, Trading Economics said. The Shanghai Composite last traded on Sept. 30.
Elsewhere in the region
Australia's S&P/ASX 200 ended nearly flat, down 0.09%. Gold miners Evolution Mining and Northern Star rose, while BHP and three of the four big banks fell, Trading Economics said. Singapore's Straits Times Index fell 1.63%, and India's Sensex lost 0.59%.
What comes next?
European shares were lower at midday; see our Europe Wednesday recap. The U.S. session brings Fed minutes and a 10-year note auction, covered in our day-ahead guide. Tuesday's session is in our Asia Tuesday recap, and live levels are on the markets page.
Follow the rest of the trading day on our global market today page, with the latest Asia, Europe and Americas session recaps.
Sources
- Trading Economics, Japan stock market (Nikkei 225)
- Trading Economics, Hong Kong stock market (Hang Seng)
- Trading Economics, South Korea stock market (Kospi)
- Trading Economics, Australia stock market (ASX 200)
- MarketScreener (Dow Jones), Stocks futures steady as bond selloff extends, oil prices rise
- Yahoo Finance, Nikkei 225 chart data
- Yahoo Finance, Hang Seng chart data
- Yahoo Finance, S&P/ASX 200 chart data
- Yahoo Finance, Kospi chart data
- Yahoo Finance, Taiex chart data
- Yahoo Finance, Straits Times Index chart data
- Yahoo Finance, Sensex chart data
- Yahoo Finance, USD/JPY chart data