economy
CNBC Daily Open: Tech rout, MSCI moves on Indonesia and South Korea in focus
Global sell-off in tech stocks continues to rattle markets which spilled over to precious metals amid worries of higher interest rates.
TL;DR
- Global markets are feeling the aftershocks of a tech stock selloff, which has impacted Asian and European markets.
- Precious metals like gold and silver also experienced pressure as investors reassess interest rate expectations.
- South Korea's Kospi index jumped over 3% after a 10% decline, with Samsung Electronics and SK Hynix leading the recovery.
- MSCI maintained South Korea's emerging-market status due to limited offshore currency convertibility, while Indonesia faces potential downgrade risks.
- Alphabet will replace Verizon in the Dow Jones Industrial Average, and Meta launched new smart glasses.
- Geopolitical risks are being monitored, with a plan to extract stranded seafarers from the Persian Gulf potentially easing oil price concerns.