The big falls in tech shares were an “illustration of rising volatility” in these stocks, said James Reilly, senior markets economist at Capital Economics. “This is particularly true in Korea where domestic retail buyers are taking on an increasing role,” he said.
Oil prices fell early Wednesday, as more ships crossed the Strait of Hormuz while U.S.-Iran talks on a permanent end to the Iran war made progress.
“Price movements suggest the market expects a fairly rapid recovery in Persian Gulf oil supplies,” ING commodities strategists Warren Patterson and Ewa Manthey said in a commentary.
Still, while vessel crossings in the strait increased in recent days, they remained well below prewar levels, they noted.
Brent crude, the international standard, fell 1.2% to $75.91 a barrel. It has been trading below $80 in recent days but is still elevated compared with the approximately $70 per barrel in late February before the war began.
Benchmark U.S. crude was down 1.3% to $72.26 a barrel.
In the U.S., investors are awaiting a report due Thursday of May’s personal consumption expenditures price index, or PCE, which is the preferred inflation gauge by the Federal Reserve.
Some economists predict the Fed may hold key interest rate this year but is unlikely to raise rates. Bond yields have remained higher, as inflation concerns grew amid global energy shocks.
In other dealings, the U.S. dollar was trading at 161.69 Japanese yen, up from 161.55 yen. The euro was trading at $1.1354, down from $1.1382.
