HONG KONG — Asian stocks tumbled Friday, with Japan’s Nikkei slumping 2.4% on heavy selling of semiconductor-related shares and other market heavyweights.
The yen was slightly firmer against the U.S. dollar, with the latter falling to 154.38 Japanese yen from 154.64 yen.for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy. But the rate remains near zero. 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.last week than economists expected. It’s the latest sign that the job market remains solid despite high interest rates.
In oil trading, U.S. benchmark crude rose $1.16 to $83.89 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gained $1.21 to $88.32 per barrel.An FAQ on the Truth Social owner’s website gave stockholders multiple ways to avoid their shares being lent to short sellers.
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