Asian Markets Tumble Amid Chip-Sector Woes and Political Instability

Asian stock markets fell on Thursday as technology stocks followed Wall Street declines, and Meta Platforms warned of rising AI costs. Investors are cautious ahead of major tech earnings, Japan's unstable political climate, and key economic data worldwide. Gold prices reached a record high, while oil continued its rally.

Asian stocks faced a downturn on Thursday, influenced by declines in chip-sector stocks tracking Wall Street's overnight performance and heightened warnings from Facebook parent Meta Platforms about the escalating costs of artificial intelligence.

Investors are on edge ahead of earnings announcements from tech giants, Apple and Amazon, amid looming political turmoil in Japan that has led to a drubbing for the ruling coalition. The yen remains weak following parliamentary elections and could impact monetary policy.

Globally, traders are eyeing crucial forthcoming events like U.S. payroll data, a presidential election, and a Federal Reserve policy decision. Meanwhile, gold reached a new peak and oil prices continued their upward trajectory, fueled by improved U.S. fuel demand.

(With inputs from agencies.)