Gold Falls Below $4,000 as Strong Dollar and Fed Rate Hike Expectations Weigh on Prices 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Most Asian stocks retreated on Friday amid profit-taking in the technology sector, while South Korea’s benchmark surged to new highs following a week-long holiday. The regional downturn mirrored Wall Street’s overnight pullback, as the tech rally paused and the U.S. government shutdown delayed key economic data.
S&P 500 futures gained 0.2% in Asian trading, supported by persistent expectations of an October rate cut by the Federal Reserve. Optimism over a ceasefire between Israel and Hamas also buoyed sentiment.
In Japan, the Nikkei 225 dropped 1% and the broader TOPIX index slid 1.7%, both retreating from record levels. Tech giant SoftBank Group (TYO:9984) led losses with a 3.4% drop, following a stronger-than-expected producer price inflation reading for September. The data raised concerns that the Bank of Japan may hike rates sooner, despite likely political resistance from the incoming Prime Minister Sanae Takaichi, known for her dovish fiscal stance. Japanese markets had rallied earlier in the week on her election as the ruling Liberal Democratic Party’s new leader.
Chinese stocks also slipped, with the CSI 300 down 0.5% and the Shanghai Composite off 0.2%. Hong Kong’s Hang Seng index fell nearly 1%, dragged by losses in tech and biotech shares. Semiconductor Manufacturing International Corp (HK:0981) tumbled 5.2%, while WuXi AppTec (HK:2359) and WuXi Biologics (HK:2269) dropped up to 3% after U.S. lawmakers advanced a bill restricting investments in Chinese biotech firms.
Elsewhere, Singapore’s Straits Times Index fell 0.2%, while Australia’s ASX 200 remained flat. India’s Nifty 50 futures rose 0.2% ahead of key tech earnings.
South Korea’s KOSPI was the standout performer, rallying 1.5% to a record 3,617.86. The surge came as chipmakers SK Hynix (KS:000660) and Samsung Electronics (KS:005930) soared 6.6% and 5.1%, respectively, on optimism over new processor supply deals with OpenAI, signaling robust growth prospects for the semiconductor sector.
