[MARKET ANALYSIS] Asia-Pac stocks are pressured amid heavy tech selling

APAC Stocks: Negative

• Asia-Pac are pressured following the choppy performance stateside, where markets were indecisive amid two-way trade in tech, a recent data deluge and a rebound in oil, while the overnight deterioration in risk sentiment coincided with renewed selling in tech after Apple raised prices of some products by nearly 20% and with OpenAI leaning towards delaying its IPO until next year.

ASX 200: -0.2%

• Marginally weakened with the index somewhat cushioned as the underperformance in tech, telecoms and healthcare is partially offset by resilience in some defensive stocks.

Nikkei 225: -3.8%

• Suffers heavy losses as tech stocks dominate the list of worst performers, with SoftBank down by a double-digit percentage owing to its large exposure to AI and semiconductors.

KOSPI -8.2%

• Remains volatile with the slump triggering a sidecar and eventual circuit breaker alongside notable declines in both Samsung Electronics and SK Hynix.

Hang Seng & Shanghai Comp: Hang Seng -2.2% / Shanghai Comp -2.3%

• Conformed to the sell-off across the region amid broad tech weakness.

US Equity Futures: Lower

• Retreated as the sentiment in Asia further deteriorated amid a tech sell-off.

European Equity Futures -1.0%

• Indicate a lower cash market open with Euro Stoxx 50 futures down 1.0% after the cash market finished with gains of 0.9% on Thursday.