Asia Tech Stocks Decline as U.S. Midterm Races Flash Blue — Market Talk
Asian tech stocks are broadly lower Wednesday morning as early races in the U.S. midterms bolster bets on a Democratic "sweep" that could slow the flow of AI spending to Asia's tech-heavy markets."The scale of any Democratic victory, or a surprise Republican Senate win, could trigger significant repositioning," says Chris Weston, head of research at Pepperstone. U.S. futures tied to the Nasdaq index extended declines, down around 1.5% on CME. South Korea's benchmark Kospi index reversed opening gains as chip stocks pulled back. Cryptocurrencies also dimmed, deepening losses as markets weigh the possibility of slower crypto regulation resulting from a Congressional balance of power shift. ([email protected]; [email protected])