Asia markets slide as tech sell-off deepen

November 21, 2025 (MLN):  Asia markets dropped sharply on Friday as a tech-led sell-off in the U.S. and fading expectations of a December Federal Reserve rate cut weighed on investor sentiment.

Japan’s Nikkei 225 sank 1.57% at the open, with the Topix down 0.72%. Tech losses were steep, led by SoftBank, which plunged more than 10%.

Chip-related names also slid, with Advantest tumbling over 9%, Tokyo Electron nearly 6%, Lasertec almost 5%, and Renesas Electronics down close to 2%, CNBC reported.

Fresh data showing Japan’s core inflation rising at its fastest pace since July strengthened expectations for future Bank of Japan rate hikes.

South Korea’s Kospi plummeted 4.09%, and the Kosdaq dropped 3.01%, pressured by heavy declines in Samsung Electronics and SK Hynix, which slid around 4% and 9%, respectively. Australia’s S&P/ASX 200 lost 1.3%.

Hong Kong markets also opened lower, with the Hang Seng Index down 1.88% and the Hang Seng Tech Index falling 2.33%.

 Major tech names retreated: Baidu slid 6%, Xiaomi dropped 4.51%, and Tencent fell 2.25%. EV makers weakened as well, with BYD down 2.68%, Nio off nearly 6%, and Li Auto losing around 2%. The mainland’s CSI 300 slipped 1.13%.

India’s markets saw more modest declines, with the Nifty 50 down 0.1% and the Sensex 0.33% lower at the open.

Cryptocurrencies also faced pressure. Bitcoin dropped 0.91% to $85,550, its lowest level in seven months, while ether hit its weakest point since July before partially recovering to trade 1.08% lower at $2,802.81.

The global risk-off tone followed a reversal in U.S. markets on Thursday, where early tech strength gave way to losses. Nvidia erased gains to close nearly 3% lower, while other AI-related stocks such as Oracle and AMD also turned negative.

 Stronger-than-expected U.S. jobs data fueled doubts about an imminent Fed rate cut, with traders pricing only about a 40% chance of a December move.

By the close, the Nasdaq Composite had fallen 2.16% after briefly surging 2.6%. The Dow slid 0.84%, and the S&P 500 dropped 1.56% despite earlier climbing as much as 1.9%.

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