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Asia markets mixed Friday: tech selloff weighs on Japan, Hang Seng rebounds over 1.5%
Asian equities diverged on Friday after a Wall Street tech selloff: the Nikkei 225 closed flat, the Hang Seng rose over 1.5%, and India's Sensex rebounded 1.2%. Brent crude eased to about $103 a barrel.
Why it matters
A Financial Times report that OpenAI's annualized revenue sits about $20 billion below previously signaled levels (roughly $50 billion) raised fresh doubts about the sustainability of the AI spending boom. US tech shares bore the brunt of Thursday's selling: the Nasdaq 100 sank 1.4%, its steepest one-day fall in seven weeks, a gauge of chipmakers plunged 3.4%, and the S&P 500 shed 0.5%.
Asian markets opened lower on Friday before diverging. The Nikkei 225 lost more than 1% at the open but pared losses to close nearly unchanged at 69,030.92. The Hang Seng climbed roughly 1.6% to 1.8% to around 24,150, while the Shanghai Composite edged about 0.1% higher. Markets in South Korea and Taiwan were closed for holidays.
Indian equities rebounded: the Sensex jumped 879.09 points (1.23%) to 72,472.33 after hitting a 32-month low, and the Nifty 50 rose 1.30% to 22,520.45. Foreign investors sold a net 129.44 billion rupees of Indian equities on Thursday, their biggest single-day outflow since May 29.
Oil and currencies
Brent crude fell about 1.3% to roughly $102.9 a barrel after President Trump said the US would not strike Iran before the midterm elections. The yen weakened slightly to 158.06 per dollar, while the offshore yuan held steady at 6.7034.
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