Emerging market stocks slump amid West Asia tensions, tech worries
Emerging-market stocks are having a rough time as tensions rise in West Asia, pushing investors toward safer bets.
The MSCI index for developing countries has dropped three days in a row, its longest losing streak in nearly two months.
South Korea's Kospi also slid over 3% after big AI companies suggested slowing down tech development, which had been fueling the market's recent gains.
Thai baht and Philippine peso hit
Currencies like the Thai baht and Philippine peso took a hit as oil prices spiked: Brent crude jumped 2.9% after Saudi Arabia shut a key pipeline following attacks.
This has made things tougher for energy-importing countries.
Now, all eyes are on upcoming central bank meetings (especially the US Federal Reserve on Wednesday), with inflation risks rising and uncertainty still hanging over global markets.