STOCKS | Tech-Led Sell-Off Extends as Markets Watch US CPI, Middle East Tensions

Stocks fell on Wednesday, extending a volatile week as tech shares led declines amid concerns about elevated valuations and possible US interest rate hikes. Worries over the Middle East crisis also weighed on sentiment and lifted oil prices after US and Iranian forces exchanged fire, according to RTHK, just hours after U.S. President Donald Trump said a peace deal to reopen the Strait of Hormuz was close. Investors are awaiting the release later in the day of the US consumer price index, expected to be the highest in more than three years, after forecast-beating US jobs figures on Friday fueled rate-hike expectations. Crude rose 1% on Wednesday as prospects dimmed for a deal to reopen the Strait of Hormuz, after falling as much as 5% at one point on Tuesday on optimism a deal would be struck. In Hong Kong, the Hang Seng Index fell 123 points, or 0.5%, to open at 24,442. Elsewhere in Asia, Seoul dropped more than 3%, with the Kospi having swung more than 8% in either direction on Monday and Tuesday following the US jobs data; Tokyo and Taipei were also lower, while Shanghai, Singapore and Wellington opened down. Manila and Sydney rose, and Jakarta gained as the rupiah strengthened after a surprise rate hike by Indonesia’s central bank.