Wall Street's Heatwave Pauses: Asian Shares and Gold Retreat
Asian shares mostly declined on Friday following the feverish rally on Wall Street. Tech stocks in South Korea's Kospi index fueled gains, while other major indices dropped. Gold and oil prices also retreated, highlighting concerns over high valuations, particularly in AI-related stocks.
Asian markets saw a downturn on Friday, sparked by a pause in Wall Street's intense rally. Key indices like Japan's Nikkei and Hong Kong's Hang Seng faced losses as tech shares in South Korea's Kospi bucked the trend, rallying with significant gains.
South Korea's tech sector, led by giants such as SK Hynix and Samsung Electronics, found optimism following major funding made by Nvidia-backed Reflection AI. Meanwhile, gold prices dipped from record highs, with oil prices slipping amid rising sentiment that market valuations may be overheating.
Economic indicators like Treasury yields held steady, reflecting anticipation of potential Federal Reserve interest rate cuts while corporate earnings and halted U.S. economic reports highlight mixed economic signals.
(With inputs from agencies.)
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