Chip selloff hits Asia as South Korea loses nearly 6%
Business
Asian stock markets dropped on Wednesday after a sharp selloff in semiconductor shares, with South Korea hit the hardest: its market sank nearly 6%.
Big names like Samsung and SK Hynix both fell about 7%, following a steep decline in US chip stocks.
Rising oil and inflation worry investors
Rising oil prices and worries about inflation have made investors extra cautious, leading to more selling across Asia.
US Treasury 10-year yields are at their highest levels since early 2025, and everyone's watching for clues from the Federal Reserve's meeting minutes later today to see what might happen next with interest rates.
Meanwhile, oil prices ticked up after tensions flared in the Middle East.