Tech Shares Lead Selloff in Volatile Asian Markets

Tech shares sparked a selloff in Asian stock markets, leading to declines across major indices. The yen and U.S. bonds rebounded amid volatile trading. Investors struggled to find stability, with both Wall Street and European futures indicating continued weakness. Crude oil prices climbed following a draw in U.S. stockpiles.

Tech shares led to a broad selloff across Asian stock markets, creating a wave of declines in major indices. Japan's Nikkei share average fell 1%, with the chip sector being the biggest drag on the index. Taiwan's tech-heavy stock benchmark sagged 2%, and Hong Kong's Hang Seng lost 1%, reflecting a tumultuous week for investors.

MSCI's broad Asia-Pacific index declined 0.8%. Chris Weston, head of research at Pepperstone, remarked on the uncertainty, noting that the market hasn't provided clear signals of recovery yet. Wall Street futures showed signs of weakness, with S&P 500 futures down 0.24% and Nasdaq futures off 0.14% after a rough session on Wednesday.

European futures mirrored this trend with Pan-European STOXX 50 futures sagging by 1.2%. Haven currencies like the yen and Swiss franc appreciated amid the market's turmoil. Meanwhile, crude oil extended its rise due to a significant draw in U.S. crude stockpiles, with Brent crude futures increasing by 0.3% and U.S. West Texas Intermediate by 0.4%.

(With inputs from agencies.)