Taiwan Stocks Face Further Consolidation as Tech Selloff, Oil Surge Weigh on Asian Markets

Taiwan's stock market is poised for continued consolidation on Friday after the benchmark index plunged 846.34 points, or 1.81%, to close at 46,041.43 on Thursday, following losses across financials, technology, chemicals and energy shares. The decline came amid a negative global forecast for Asian markets, driven by rising oil prices and persistent pressure on the technology sector. On Wall Street, the NASDAQ plunged 694.00 points, or 2.60%, to 26,008.86, and the S&P 500 fell 93.74 points, or 1.21%, to 7,663.43, while the Dow edged up 11.89 points, or 0.02%, to 52,867.98. Tech stocks including Nvidia (NVDA), CoreWeave (CRWV), Meta Platforms (META) and Tesla (TSLA) declined on liquidity concerns tied to debt-fueled AI infrastructure spending. Crude oil surged after reports that the U.S. and Israel are planning a joint military operation against Iran, with West Texas Intermediate for December delivery up $2.19, or 2.25%, at $99.34 per barrel. Taiwan is due to release September unemployment and industrial production data later today.