Stock market today (April 19, 2024): Asian markets sink, with Japan’s Nikkei down 3.5%, as Mideast tensions flare

Asian stocks tumbled Friday, with Japan’s Nikkei slumping 3.5% on heavy selling of semiconductor-related shares and other market heavyweights.

Semiconductor equipment supplier Lasertec was the largest loser, it lost 9.7% in morning trading. But most other big tech-related shares also dropped. Renesas gave up 7.3%, Tokyo Electron lost 7.8% and Sony Group Corp. declined 3.3%.Japan’s headline inflation rate in March slowed to 2.7%, while the core-core index, excluding fresh food and energy costs, moderated to 2.9%, marking the first time since November 2022 that the index fell below 3%.

Elsewhere, Australia’s S&P/ASX 200 dipped 1.7% to 7,512.70. South Korea’s Kospi dropped 2.9% to 2,558.56. Hong Kong’s Hang Seng declined 1.4% to 16,161.24, while the Shanghai Composite edged down 0.1% to 3,071.76. Equifax dropped 8.5% for one of the market’s bigger losses after it reported weaker revenue for the latest quarter than analysts expected. High interest rates are pressuring its mortgage credit inquiry business.

Stocks have been struggling recently as yields in the bond market charge higher. They’re cranking up the pressure because investors have largely given up on hopes that the Federal Reserve will deliver many cuts to interest rates this year.

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