Tech-led declines in Asia stocks due to higher-than-expected US inflation data, impacting markets negatively.

From NASDAQ:

Asian stocks slumped on Friday, following Wall Street’s tech-led declines due to higher-than-expected U.S. inflation. U.S. benchmark bond yields held near 4.3%, the dollar strengthened, and crude oil slipped back from its surge above $85 for the first time since November. Bitcoin also edged away from an all-time high. Futures markets cut odds of a June policy easing to 60% due to a rise in producer prices in U.S. data. The biggest reaction was in the U.S. Treasury bond market, with a pop in yields pulling the dollar along. The dollar index rose to 103.45, indicating increasing price pressures and potential challenges for the tech-driven rally. Asian markets were impacted, with shares in the chip sector selling off and stock indexes in Hong Kong and South Korea sliding more than 2%. Mainland Chinese blue chips also fell, while Japan’s Nikkei eased 0.33%. The Bank of Japan may consider an exit from ultra-easy stimulus at its two-day policy meeting next week. The yen was overpowered by the dollar’s strength, while the euro extended its decline. In cryptocurrencies, bitcoin was lower, and software firm MicroStrategy announced plans to raise capital through convertible bonds. Oil prices witnessed profit-taking after sharp gains from various factors affecting energy demand. Brent crude oil futures fell to $85.24 a barrel, and U.S. West Texas Intermediate crude also dropped.



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