HONG KONG: Asian markets mostly fell on Wednesday (Aug 20) morning, mirroring a rout of United States tech titans the previous day as investors await signals of an interest rate cut in the world’s largest economy.
The dips also came after top US and European military leaders met in Washington on Tuesday to discuss the mechanics of a possible Ukraine peace deal.
Recent days have seen a whirlwind of diplomatic efforts to resolve the protracted war after President Donald Trump’s high-stakes meeting with Russian counterpart Vladimir Putin in Alaska.
Eyes are now on potential face-to-face talks between Putin and Ukrainian President Volodymyr Zelenskyy, who has said he is ready for such a meeting.
The negotiations have sparked volatility in oil markets, which fell back on Tuesday from gains made on Monday.
Tokyo’s Nikkei dropped sharply during Wednesday morning trading, while shares in Hong Kong, South Korea, Taipei and Bangkok also fell. Shanghai, Sydney and Manila rose.
The previous day on Wall Street saw several major technology firms lose significant market share, including Nvidia, Palantir and Oracle.
The selloffs come amid increasing unease over a prolonged rally in tech stocks this year despite a range of uncertainties facing the global economy.
Among the challenges are biting tariffs unleashed by Trump on major US trading partners this year.
