Asian stocks struggle as Hang Seng Index dives amid AI and geopolitical concerns
Asian stocks opened lower on Thursday, with the Hang Seng Index falling 0.58% to 23,513 points before losses expanded, as lingering concerns over artificial intelligence and uncertainty in the Gulf weighed on investor sentiment. Mainland China's Shanghai Composite Index opened up 1 point at 3,714, while the Shenzhen Component Index fell 0.12% to 11,690. Japan's Nikkei 225 opened 0.13% lower at 64,539, and South Korea's Kospi opened down 1.14% at 5,670, both later seeing chip-sector shares give back gains. In the US, Meta's plan to issue non-voting class C common stock drew renewed scrutiny on AI spending despite beating revenue expectations. Brent crude rose 1.1% to US$110.03 a barrel, near a five-month high, as the US ordered diplomats to leave Saudi Arabia amid Houthi strikes and reports emerged of US-Israeli plans for renewed attacks on Iran after the US midterm elections.
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