Asian stocks fall as South Korea’s KOSPI loses 3.52%
Fortune cited renewed Middle East attacks and $112 oil as apparent contributors to the selling, with US futures lower ahead of New York’s opening.
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Fortune cited renewed Middle East attacks and $112 oil as apparent contributors to the selling, with US futures lower ahead of New York’s opening.
Asian stocks fell on 22 October, with South Korea’s KOSPI down 3.52%. Fortune cited renewed Middle East attacks and oil at $112 a barrel as apparent contributors to the selling.
US stocks ended mixed on 22 October as losses in large technology companies drove the Nasdaq Composite down 2.6% and the S&P 500 down 1.2%, outweighing gains in most shares. Brent crude rose 4% to $113.17 a barrel, while the ten-year US government bond yield fell to 4.97%.
The S&P 500 had risen 0.58% on 21 October. Its reversal followed losses across Asian markets and lower US stock-index futures before New York trading opened.
| Index | Change | Point change | Closing level |
|---|---|---|---|
| S&P 500 | −1.2% | −93.74 | 7,663.43 |
| Nasdaq Composite | −2.6% | −694.00 | 26,008.86 |
| Dow Jones Industrial Average |
Revenue rose 32% and operating profit 38% from the previous quarter. SK Hynix plans at least 40 trillion won in capacity spending for 2026.
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| +11.89 |
| 52,867.98 |
The S&P 500 recorded its worst day since July, even though two-thirds of its stocks rose. Companies do not have equal influence on the index: those with larger total stock-market values carry more weight. Nvidia fell 4.4% and was the largest individual drag because, as Wall Street’s largest company by market value, it had the greatest weight.
The Guardian linked volatility in shares tied to artificial intelligence (AI) to concerns about expensive borrowing to build data centers and buy AI chips. It also reported concerns that share prices had climbed too far, even as companies continued to report growth.
Outside technology, Procter & Gamble rose 5.6% and helped limit the market’s losses. The consumer-goods company exceeded profit expectations and kept its full-year forecasts for growth in revenue and profit.
Fortune’s 22 October account showed declines across South Korea, Japan, China and India. It identified renewed Middle East attacks and rising oil prices as apparent contributors, explaining that Asia imports most of its fuel. China’s CSI 300 was down 15% for the year after the session’s decline.
| Country | Index | Session change |
|---|---|---|
| South Korea | KOSPI | −3.52% |
| Japan | Nikkei 225 | −2.65% |
| China | CSI 300 | −1.84% |
| India | Nifty 50 | −0.82% |
| Market | Index | Session change | Level (points) |
|---|---|---|---|
| Hong Kong | Hang Seng | −3.03% | 22,934.68 |
| China | Shanghai Composite | −1.48% | 3,658.03 |
| Japan | TOPIX | −1.14% | 3,997.50 |
The Hang Seng had the largest percentage decline among the three additional indexes. The Shanghai Composite and CSI 300 are different indexes, so their declines are separate results rather than revisions of the same figure.
Fortune’s European figures described trading still in progress on 22 October. Its US figures covered stock-index futures—contracts tied to future index levels—before New York’s opening, not the completed session.
| Market or contract | Change | Trading stage |
|---|---|---|
| Europe: Stoxx 600 | −0.92% | Early trading |
| UK: FTSE 100 | −0.46% | Before lunch |
| US: S&P 500 futures | −1.02% | Before the New York stock-market open |
| US: Nasdaq futures | −1.82% | Before the New York stock-market open |
Brent crude gained 4% to $113.17 a barrel after touching its highest level in five months. It had traded below $97 at the start of October. The Guardian attributed the rise to uncertainty about when the war with Iran would allow the global energy industry to return to normal.
Fortune’s 22 October report described further drone strikes by the Iran-backed Houthis on airports in Saudi Arabia and Saudi Aramco’s Shaybah oil field. It also reported Iranian attacks on ships trying to use the Strait of Hormuz, involving four drones in the preceding 24 hours.
The ten-year US government bond yield fell to 4.97%, from 5.13% late on 21 October and more than 5.30% earlier in October. A bond’s yield is its return at its current price; buying that raises the price lowers the yield. The Guardian interpreted the decline as a sign that investors were seeking safer assets as AI-related shares fell.
The memory-chip maker reported preliminary third-quarter operating profit of 83.33 trillion won. Investors next await major technology companies’ earnings to assess the returns on heavy spending.
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The Nasdaq recorded its worst session since June on October 22, while buying of US government bonds pushed the 10-year yield down to 4.95%.
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Correction ·
Corrected the wording of the English and Armenian versions.
Update ·
US closing results show technology losses outweighed gains in most shares, while Brent rose to $113.17 and the ten-year government bond yield fell to 4.97%.
Update ·
Adds reported losses and levels for the Hang Seng, Shanghai Composite and TOPIX, and distinguishes the Shanghai result from the separate CSI 300 decline.