SINGAPORE - Asian equities fell on Thursday, led by chip stocks as investors fret over the prospect of escalating trade tensions between the U.S. and China, while the yen surged to a six-week high in the wake of suspected interventions by Tokyo last week.
A report that the United States was considering tighter curbs on exports of advanced semiconductor technology to China sent chip stocks and the Nasdaq tumbling overnight, led by AI darling Nvidia and Apple. "We're seeing quite a few divergences across key markets, most of which can be tied back to U.S. politics one way or another," said Matt Simpson, senior market analyst at City Index.
Investor attention will be on the policy decision from the European Central Bank later in the day, where the central bank is expected to stand pat, although comments from officials will be crucial in gauging when the next rate cut will come. The yen hit a six-week high against the dollar at 155.37 in early trading after a sharp rise on Wednesday that had traders suspecting Japanese authorities were once again in the market supporting the currency.
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