Asia markets slide as tech sell-off deepen
MG News | November 21, 2025 at 10:01 AM GMT+05:00
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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