Highlights
- FTSE 100 set to open 50 points higher
- Japan: Nikkei down about 2.4% near 63,100
- South Korea: Kospi plunges around 4.6% to 5,666
Footsie set to open firmly in the green
The UK's blue-chip index is set to open 50 points higher, ignoring the tech sell-off on Wall Street and in Asia. London, it would appear, is something of an investor haven for investors, stocked as it is with old economy companies.
Asian markets slides
ASX finishes higher
The S&P/ASX 200 added around 0.2% to finish near 8,908, extending Thursday's gains despite weakness across technology-heavy Asian markets.
Consumer discretionary and industrial shares helped offset pressure elsewhere, with Wesfarmers, Brambles and Aristocrat Leisure among the stronger performers.
Coles was a notable laggard after weak supermarket sales weighed on sentiment towards the retailer.
The ASX gained around 1% for the week and was on course for a positive October.
Korea leads regional sell-off
South Korea suffered the region's steepest losses, with the Kospi down around 5% during afternoon trade as investors dumped semiconductor and other AI-related stocks.
Samsung Electronics fell almost 6% and SK Hynix dropped more than 8%, taking the Kospi towards 5,666 after Thursday's 5,938 close.
The decline followed renewed concerns on Wall Street over whether the enormous sums being invested in artificial intelligence will generate sufficient returns.
Japan and Taiwan hit by tech weakness
Japan's Nikkei dropped more than 2% towards 63,100 in late trading, with Advantest, SoftBank Group, Tokyo Electron and Lasertec among the major technology losers.
The Bank of Japan kept monetary policy unchanged, although the decision did little to offset selling in semiconductor-linked stocks.
Taiwan's Taiex fell around 2% to 45,347 as the global technology sell-off hit one of Asia's most AI-sensitive markets.
TSMC weakened while MediaTek, Delta Electronics and other technology stocks also came under pressure.
Hong Kong bucks the trend
Hong Kong moved in the opposite direction, with the Hang Seng rising around 2% to roughly 23,350.
Energy, financial and selected technology shares supported the index, while PetroChina, AIA and Meituan were among the stronger performers.
Mainland China remained weaker, with the Shanghai Composite down around 0.4% near 3,640 as technology shares continued to struggle.
Investors are awaiting China's latest manufacturing data for further clues on economic momentum.
India edges higher
Indian markets were relatively resilient, with the Sensex trading around 0.2% higher near 74,300 and the Nifty also edging upwards.
The performance contrasted with sharp losses across the major North Asian technology markets, although elevated oil prices remained a potential headwind for India.
Wall Street tech sell-off sets the tone
The negative technology lead came from Wall Street, where the Nasdaq Composite fell around 1.4% on Thursday.
The S&P 500 lost 0.3% and the Dow Jones declined 0.3%.
Alphabet plunged more than 12%, while concerns intensified after Amazon flagged sharply higher artificial intelligence spending and Intel issued a weaker outlook.
US technology futures extended losses during Asian trading, adding further pressure to semiconductor-heavy regional markets.
Commodities
Brent crude climbed above $112 a barrel, up more than 1%, as geopolitical risks in the Middle East continued to support oil prices.
Gold eased towards $4,000 an ounce, while copper also slipped as the technology-led risk-off mood weighed on broader markets.
The main divide across Asia remained clear, with technology-heavy Korea, Japan and Taiwan bearing the brunt of renewed AI concerns while Australia, Hong Kong and India proved more resilient.
