South Korea’s benchmark index drops more than 10% amid fears of a memory chip bubble bursting, dragging regional markets lower.
South Korea’s Kospi index fell 10.2% as Samsung and SK Hynix led a broader rout in chip stocks, erasing gains from earlier in the year. The decline reflects growing concerns over a potential memory chip bubble and slowing demand, with the market down 30% in six weeks.
Japan’s Nikkei 225 dropped 4.2%, while S&P 500 futures slipped 0.2%. WTI crude oil declined $1.36 to $81.18, and gold fell $25 to $4050. FX markets remained subdued, with the euro recovering slightly after Monday’s losses.
RBA Governor Michele Bullock maintained a hawkish stance but signaled no urgency to raise rates. AUD/USD showed little reaction to her comments, holding steady in early trading.