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Asia shares retreat from record as Apple price hikes rain on chip parade

Asian markets fell on Friday as Apple price hikes sparked concerns over inflation and the downside of chip demand. The selloff hit technology stocks and chipmakers, dragging down the Nikkei and Kospi. Oil prices also dropped toward four-month lows.

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What changed

Asian stocks pulled back from record highs following a tech-led selloff on Friday.

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  1. Asian Shares Retreat from Records Amid Apple Price Hikes

    Asian markets fell on Friday as Apple price hikes sparked concerns over inflation and the downside of chip demand. The selloff hit technology stocks and chipmakers, dragging down the Nikkei and Kospi. Oil prices also dropped toward four-month lows.

    What's confirmed:

    • South Korea's Kospi fell 8% to 8.2%.
    • Japan's Nikkei slumped nearly 5%.
    • Apple's price hikes fueled concerns regarding the inflationary impact of tech spending.
    • The Kospi triggered a circuit breaker that halted trading for 20 minutes.
    • Brent crude futures fell 1.5% to $74.1 a barrel.
    • Nasdaq futures dropped 1.7%.

    Still unconfirmed:

    • South Korea's Kospi has bounced back after the chip and tech market rout.
    • A South Korean margin call affected the S&P 500.
    • South Korea's 'Ant' army is driving an AI market frenzy.
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