Asian Shares Slide As Tech Stocks Pullback On Broadcom Earnings

(RTTNews) - Asian stocks retreated on Thursday as investors pulled back from technology and semiconductor shares following a weak forecast from U.S. chipmaker Broadcom.

Also, ongoing tensions between Washington and Tehran kept oil prices elevated, raising concerns about inflation and interest rates.

The dollar consolidated recent gains to hover near a two-month high, driven by escalating Middle East tensions after attacks on Kuwait damaged its airport and injured dozens.

Gold traded higher at $4,460 an ounce while Brent crude futures fell toward $97 a barrel, snapping a three-day rally after Israel and Lebanon agreed to implement a ceasefire.

China's Shanghai Composite index dipped 0.64 percent to 4,057.78 as Middle East tensions flared, threatening a fragile ceasefire and heightening risks to global growth. Hong Kong's Hang Seng index fell 1.48 percent to 25,253.40.

Japanese markets fell sharply while the yen wobbled near the 160-per-dollar level after Bank of Japan Governor Kazuo Ueda indicated a good chance of an interest rate hike this month and Prime Minister Sanae Takaichi warned of intervention in the foreign exchange market at any time.

The Nikkei average tumbled 1.36 percent to 67,470.69 after reaching a record high in the previous session. The broader Topix index settled 1.11 percent lower at 3,951.85.

Seoul stocks slumped as trading resumed following a public holiday. The Kospi index fell 1.84 percent to 8,639.41, snapping a three-day losing streak due to heavy selling by foreign investors. Samsung Electronics, SK Hynix and Hyundai Motor lost 3-4 percent.