South Korea's benchmark stock index fell sharply, led by major technology firms like Samsung and SK Hynix, amid growing investor anxiety over AI-related valuations and profitability.
Samsung Electronics plans to begin operations at its first semiconductor plant in the new Yongin chip cluster in 2029, a one to two-year acceleration of the original timeline, according to a report from Yonhap news agency.
The South Korean chipmaker's stock dropped to a one-month low after a brokerage report forecast second-quarter profit below consensus, overshadowing a successful Nasdaq debut for its American Depository Receipts.
Kingsgate Consolidated stock dropped sharply after the company announced a "significant mechanical failure" and subsequent shutdown at its flagship Chatree Gold Mine, overshadowing a positive annual production report.
The International Energy Agency forecasts global oil demand will fall by 1 million barrels per day this year, the first annual decline since the pandemic, citing severe disruptions from the Middle East conflict.
Iran's Revolutionary Guards navy has closed the critical Strait of Hormuz until further notice, according to state media, triggering a sharp spike in global oil prices due to fears of a major supply disruption.
China has reportedly instructed major oil refiners to keep fuel production high to ensure domestic supply stability as escalating conflict between the U.S. and Iran threatens crude shipments through the Persian Gulf.
According to Citi, the Japanese yen's decline is being driven by hedging and rebalancing activities as investors sell the currency to protect gains from the country's record-setting equity rally.
Sterling saw modest gains on Thursday, driven not by domestic factors but by a surge in oil prices following U.S. strikes in the Middle East. The event has bolstered the U.S. dollar by reinforcing expectations for a prolonged period of high interest rates from the Federal Reserve.
