The market is experiencing a pronounced sell-off, particularly in the technology sector, with South Korea's Kospi dropping over 8% and Japan's Nikkei also facing steep declines. This turmoil follows a tough day on Wall Street, where major tech companies like Apple and Microsoft announced price hikes due to increasing component costs, leading to further investor concerns.
In addition, crude oil prices are declining despite a recent attack in the Strait of Hormuz, which raises questions about OPEC's stability as Iraq threatens to leave the cartel if its production quota demands are not met.
The political landscape in the UK is also shifting, with pressure mounting on the incoming Prime Minister Andy Burnham to clarify his economic policies amid rising borrowing costs. This combination of factors suggests a turbulent period ahead for both the tech sector and the broader market