STOCKS | Asian Stocks Open Lower as Tech Slides; Oil Rises on Strait of Hormuz 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, hours after U.S. President Donald Trump said a peace deal to reopen the Strait of Hormuz was close. Traders are watching 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 data on Friday increased rate-hike expectations. Crude rose 1% on Wednesday as prospects dimmed for a deal to reopen the Strait of Hormuz, through which a fifth of global oil passes. In Hong Kong, the Hang Seng Index fell 123 points, or 0.5%, to open at 24,442. Other Asian markets also opened lower, with Seoul down more than 3% after the Kospi swung more than 8% in either direction on Monday and Tuesday; Tokyo and Taipei were also down, while Shanghai, Singapore and Wellington opened lower. Manila and Sydney rose, while Jakarta gained as the rupiah strengthened following a surprise rate hike by the Indonesian central bank.