A tentative rebound in Asian equities following Tuesday’s global tech-led rout failed to hold as a fresh bout of selling hit the sector.
The MSCI Asia Pacific Index was down 0.9% after rising nearly 1% earlier. Shares of bellwether chipmaker Taiwan Semiconductor Manufacturing Co., which accounts for more than 10% of the regional gauge, lost over 3% after having largely weathered the broader rout in the last session.
South Korea’s Kospi Index erased early gains, though Samsung Electronics Co.’s stock found support from a report that the firm may announce a buyback. US equity futures edged slightly higher.
Elsewhere in markets, a gauge of the dollar climbed to a seven-month high as weakness in equities supported demand for haven assets.
Brent crude slipped about 1% to approach $76 a barrel as tanker traffic through the Strait of Hormuz became more visible following an interim peace agreement between the US and Iran.
The volatile equities backdrop has sharpened the focus on memory chipmaker Micron Technology Inc.’s results Wednesday, which may provide crucial cues on whether demand for AI infrastructure remains strong enough to sustain this year’s rally in the sector.
