Emerging Asian equities fell 0.3% to a three-month low and were on track for a fourth consecutive weekly loss as investors sold regional technology stocks and sought safe havens. The Philippine peso recovered from a record low, while the Indonesian rupiah weakened to its lowest level since late July.
The MSCI emerging Asia equities index fell 0.3% to its weakest level since late July, as investors dumped regional technology stocks over concerns about AI funding needs. The index was on track for a fourth consecutive weekly loss.
The selloff followed a 2.6% drop in the Nasdaq after Meta posted its first cash outflow in more than a decade because of AI-related spending. The 10-year US Treasury yield fell 19.3 basis points, its biggest daily drop since March 2023, while the yen climbed to its strongest level in more than a month.
The Philippine peso recovered to 63.379 per dollar after touching a record low of 63.502 on Thursday, though it was down about 0.7% for the week. The Indonesian rupiah slipped to 18,075 per dollar, its weakest level since late July, while Indonesian stocks rose 1.1%.
