Asian stocks tumbled on Thursday, with Chinese equities entering a bear market as technology shares sank and rising oil prices compounded investor concerns.
The CSI 300, which tracks the 300 largest stocks traded in Shenzhen and Shanghai, slid 2%, taking the decline from June’s peak to 20%. Other regional benchmarks followed suit. Japan’s Nikkei 225 fell around 3%, South Korea’s Kospi dropped 3.5%, Taiwan’s benchmark lost 2% and Hong Kong’s Hang Seng declined 3%.
Chinese technology shares traded in Hong Kong faced their worst session since President Donald Trump’s April 2025 “Liberation Day” tariff announcement, according to Bloomberg’s David Ingles.
According to Ingles, the technology benchmark has fallen more than 40% from its peak, almost erasing gains following Beijing’s Sept. 24 stimulus package, with forward valuations compressed to roughly 13 times earnings.
Mixed third-quarter earnings reports from U.S. companies added to the uncertainty surrounding artificial intelligence investment. Tesla fell around 3% after the market closed after cutting its capital-spending forecast, while Meta Platforms raised the lower end of its spending guidance.
Bitcoin gave up its advance above $84,000, retreating toward $82,000. Gold fell more than 1% to below $4,100 an ounce, while silver dropped over 3.5% to around $55. Nasdaq 100 index futures declined almost 2%.
The Cboe Volatility Index, or VIX, jumped 10% to around 18, roughly 30% above September’s low. Meanwhile, WTI crude topped $100 a barrel and Brent crude climbed above $112 to the highest levels since May.
The equity selloff persisted despite easing Treasury yields, which would tend to make stock-market investments more attractive. The U.S. 10-year yield stood near 5.077%, below its recent peak around 5.4%.