Good morning and welcome to Markets Desk. Here is what is moving markets right now.
Nvidia may have locked in a new memory chip partnership, but the deal is doing little to lift the stocks benefiting from it. SK Hynix and Samsung are both under heavy pressure in Seoul, dragging the Kospi sharply lower as the broader AI trade shows signs of exhaustion after months of relentless gains.
That weakness is spreading across the region. Hong Kong's Hang Seng has shed nearly one thousand points across three consecutive losing sessions, sitting just above twenty four thousand nine hundred sixty, and Monday is shaping up to be no easier. Sentiment there is further complicated by a growing problem in the city's IPO market, where pre-debut runups are increasingly reversing course after listing day, raising real questions about the durability of Hong Kong's challenge to Wall Street for IPO supremacy.
Taiwan is in a similar position, with the stock exchange down roughly fourteen hundred points over two sessions and consolidation expected to continue. Taken together, the picture across Asian markets is one of broad risk-off pressure, with the AI enthusiasm that drove so much of this year's rally now facing a meaningful and coordinated pullback.
That's the tape. Markets Desk, signing off the floor.
