{"id":7280,"date":"2026-10-23T07:00:00","date_gmt":"2026-10-23T07:00:00","guid":{"rendered":"https:\/\/lqhmarkets.com\/news-and-trade-ideas\/global-markets-tech-oil-geopolitical-risk-23-oct-26\/"},"modified":"2026-10-23T23:32:21","modified_gmt":"2026-10-23T23:32:21","slug":"global-markets-tech-oil-geopolitical-risk-23-oct-26","status":"publish","type":"post","link":"https:\/\/lqhmarkets.com\/news-and-trade-ideas\/global-markets-tech-oil-geopolitical-risk-23-oct-26\/","title":{"rendered":"Global Markets Retreat on Tech Sell-off and Surging Oil Prices Amid Geopolitical Fears"},"content":{"rendered":"

Market Overview<\/h2>\n

Global markets are experiencing a significant “risk-off” sentiment, primarily driven by a sharp sell-off in the technology sector on Wall Street. Concerns about the immense capital expenditure and financing sustainability of artificial intelligence (AI) infrastructure, coupled with escalating geopolitical tensions in the Middle East, are fueling this apprehension. The latter has pushed crude oil prices to multi-month highs, reigniting inflation worries. Investors have sought refuge in government bonds, leading to a decline in US Treasury yields. European equities opened lower today, reflecting this prevailing global risk aversion, while Asian markets displayed mixed performance at their close.<\/p>\n

Markets<\/h2>\n

In European trading<\/strong>, major indices opened lower. London’s FTSE 100 was down 0.57% to 10,663.38 as of approximately 10:40 am London time, while Germany’s DAX fell 0.87% to 25,150.77 as of approximately 11:40 am Frankfurt time.<\/p>\n

Asia-Pacific equities<\/strong> concluded their trading day with mixed results. Australia’s S&P\/ASX 200 closed largely flat, up a marginal 0.02% at 8,795.20. Japan’s Nikkei 225 declined 0.34% to 62,693.16, marking its second consecutive weekly loss. South Korea’s KOSPI, however, managed a slight gain of 0.30% to 5,550.30, while China’s Shanghai Composite rose 0.89% to 3,690.48.<\/p>\n

In currency markets<\/strong>, the Japanese Yen strengthened against the US Dollar, with the Dollar-Yen pair closing down 0.96% at 156.6210, driven by demand for haven assets.<\/p>\n

Commodity prices<\/strong> saw varied moves. Brent Crude settled -3.01% lower at $109.76 a barrel, despite earlier reports of surging past $US112-$114 a barrel and hitting a five-month high overnight due to geopolitical tensions. WTI Crude, however, advanced 1.62% to $101.08. Gold, a traditional safe-haven asset, closed down 0.58% at $4,037.00.<\/p>\n

US Treasury yields<\/strong> for the previous session reflected strong safe-haven demand. The benchmark 10-year US Treasury yield fell by -19.30 basis points to 4.953%, its largest daily decline since March 2023. The 30-year Treasury yield also dropped by -15.20 basis points to 5.287%.<\/p>\n

What Drove Markets<\/h2>\n

The predominant market theme was a tech sell-off in the previous US session<\/strong>, triggered by deepening concerns over the colossal capital expenditure required for AI infrastructure and its financing sustainability. The technology-heavy Nasdaq fell 2.60% and the S&P 500 shed 1.2%. Meta Platforms shares, for instance, lost 7% following its announced plan for approximately $US825 billion ($1.2 trillion) in capital expenditure over the coming years. Nvidia CEO Jensen Huang noted a “scarcity of capital” in the AI buildout, while Ed Yardeni, president of Yardeni Research, described the AI trade as a “bubble” undergoing “depressurization.” This impact was broadly felt across semiconductor stocks, with the Philadelphia Semiconductor Index dropping 6.7%, its biggest daily decline since June 23.<\/p>\n

Geopolitical risks in the Middle East<\/strong> significantly impacted energy markets. Houthi drone strikes, damaging Saudi energy infrastructure, and reports of potential US\/Israel attacks on Iran contributed to crude oil prices surging to a five-month high overnight, although Brent crude later closed lower. This rise in energy costs intensifies global inflationary pressures, posing a challenge for central bank policies.<\/p>\n

In central bank developments<\/strong>, Japan’s key consumer price index, excluding fresh food, rose 2.1% in September from a year earlier, surpassing the Bank of Japan\u2019s 2% target for the first time this year. This data reinforces expectations for a widely anticipated BoJ interest rate rise in December. Higher energy prices are also expected to complicate the inflation outlook for the Federal Reserve’s upcoming policy decision next week.<\/p>\n

Despite a flat close for Australia’s S&P\/ASX 200, significant sector divergence<\/strong> was observed. The consumer discretionary sector gained 2.57%, and financials rose 2.21%. In contrast, the materials sector fell 3.85%, impacted by declining prices for key metals such as copper, gold, silver, and lithium, which hit a five-week low in London overnight amid broader demand concerns tied to the tech sell-off.<\/p>\n

Stocks to Watch<\/h2>\n

In the US tech sector<\/strong> from the previous session, Meta Platforms (META) fell -6.98% to $648.85, Nvidia (NVDA) declined -4.40% to $212.21, and Advanced Micro Devices (AMD) plunged -8.10% to $507.93. Alphabet (GOOGL) shares also decreased -3.15% to $324.22. AI-related infrastructure company CoreWeave (CRWV) dropped -10.06% to $55.60, highlighting concerns over financing costs. Tesla (TSLA) was down -3.08% to $374.58 after cutting its capital expenditure forecasts. Bucking the trend, Procter & Gamble (PG) gained 5.58% to $165.59 after reporting better-than-expected quarterly results, signaling a potential shift towards defensive sectors.<\/p>\n

On the Australian exchange<\/strong>, Wesfarmers (WES.AX) gained 3.76% to $80.29 and Commonwealth Bank of Australia (CBA.AX) rose 4.35% to $164.00, contributing to the gains in their respective sectors. Conversely, major miners BHP (BHP.AX) and Rio Tinto (RIO.AX) saw declines of -3.64% to $55.05 and -2.68% to $146.27, respectively, due to falling metal prices. Payments company Zip (Z1P.AX) plummeted 29.5% after reporting higher loss rates and a hit from a US fraud incident.<\/p>\n

South Korean semiconductor stocks<\/strong> provided some support for the KOSPI, with SK hynix (000660.KS) advancing 4.42% to 1,277,000.00 KRW and Samsung Electronics (005930.KS) up 0.47% to 215,500.00 KRW. However, Hyundai Motor (005380.KS) fell -1.99% to 295,500.00 KRW, weighing on the broader index.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Instrument<\/th>\nCode<\/th>\nClose<\/th>\nMove<\/th>\nWoW<\/th>\nYTD<\/th>\n<\/tr>\n<\/thead>\n
ASX 200<\/td>\n^AXJO<\/td>\n8,795.20<\/td>\n0.02%<\/td>\n-0.13%<\/td>\n0.77%<\/td>\n<\/tr>\n
Nikkei<\/td>\n^N225<\/td>\n62,693.16<\/td>\n-0.34%<\/td>\n-4.03%<\/td>\n20.95%<\/td>\n<\/tr>\n
KOSPI<\/td>\n^KS11<\/td>\n5,550.30<\/td>\n0.30%<\/td>\n-2.08%<\/td>\n28.79%<\/td>\n<\/tr>\n
Shanghai Composite<\/td>\n000001.SS<\/td>\n3,690.48<\/td>\n0.89%<\/td>\n-0.69%<\/td>\n-8.28%<\/td>\n<\/tr>\n
Dollar Yen<\/td>\nJPY=X<\/td>\n156.6210<\/td>\n-0.96%<\/td>\n-1.07%<\/td>\n-0.07%<\/td>\n<\/tr>\n
Brent Crude<\/td>\nBZ=F<\/td>\n109.76<\/td>\n-3.01%<\/td>\n-0.09%<\/td>\n80.67%<\/td>\n<\/tr>\n
WTI Crude<\/td>\nCL=F<\/td>\n101.08<\/td>\n1.62%<\/td>\n-0.33%<\/td>\n76.34%<\/td>\n<\/tr>\n
Gold<\/td>\nGC=F<\/td>\n4,037.00<\/td>\n-0.58%<\/td>\n-3.45%<\/td>\n-6.76%<\/td>\n<\/tr>\n
10-Year Treasury<\/td>\n^TNX<\/td>\n4.953<\/td>\n-19.30 bp<\/td>\n-13.60 bp<\/td>\n76.60 bp<\/td>\n<\/tr>\n
30-Year Treasury<\/td>\n^TYX<\/td>\n5.287<\/td>\n-15.20 bp<\/td>\n-14.20 bp<\/td>\n42.30 bp<\/td>\n<\/tr>\n
Nasdaq<\/td>\n^IXIC<\/td>\n26,008.86<\/td>\n-2.60%<\/td>\n-2.64%<\/td>\n11.94%<\/td>\n<\/tr>\n
S&P 500<\/td>\n^GSPC<\/td>\n7,663.43<\/td>\n-1.21%<\/td>\n-1.04%<\/td>\n11.74%<\/td>\n<\/tr>\n
Meta<\/td>\nMETA<\/td>\n648.85<\/td>\n-6.98%<\/td>\n-14.90%<\/td>\n-0.24%<\/td>\n<\/tr>\n
NVIDIA<\/td>\nNVDA<\/td>\n212.21<\/td>\n-4.40%<\/td>\n-7.14%<\/td>\n12.37%<\/td>\n<\/tr>\n
SOX<\/td>\nSOX=F<\/td>\n10,792.50<\/td>\n\u2014<\/td>\n\u2014<\/td>\n0.00%<\/td>\n<\/tr>\n
AMD<\/td>\nAMD<\/td>\n507.93<\/td>\n-8.10%<\/td>\n-16.12%<\/td>\n127.29%<\/td>\n<\/tr>\n
Alphabet<\/td>\nGOOGL<\/td>\n324.22<\/td>\n-3.15%<\/td>\n-8.36%<\/td>\n2.88%<\/td>\n<\/tr>\n
CoreWeave<\/td>\nCRWV<\/td>\n55.60<\/td>\n-10.06%<\/td>\n-28.54%<\/td>\n-29.90%<\/td>\n<\/tr>\n
Tesla<\/td>\nTSLA<\/td>\n374.58<\/td>\n-3.08%<\/td>\n-0.17%<\/td>\n-14.49%<\/td>\n<\/tr>\n
Procter & Gamble<\/td>\nPG<\/td>\n165.59<\/td>\n5.58%<\/td>\n8.20%<\/td>\n16.79%<\/td>\n<\/tr>\n
Wesfarmers<\/td>\nWES.AX<\/td>\n80.29<\/td>\n3.76%<\/td>\n2.59%<\/td>\n-1.75%<\/td>\n<\/tr>\n
CBA<\/td>\nCBA.AX<\/td>\n164.00<\/td>\n4.35%<\/td>\n8.49%<\/td>\n1.79%<\/td>\n<\/tr>\n
BHP<\/td>\nBHP.AX<\/td>\n55.05<\/td>\n-3.64%<\/td>\n-9.55%<\/td>\n20.30%<\/td>\n<\/tr>\n
Rio Tinto<\/td>\nRIO.AX<\/td>\n146.27<\/td>\n-2.68%<\/td>\n-8.85%<\/td>\n-0.96%<\/td>\n<\/tr>\n
SK Hynix<\/td>\n000660.KS<\/td>\n1,277,000.00<\/td>\n4.42%<\/td>\n-10.01%<\/td>\n88.63%<\/td>\n<\/tr>\n
Samsung<\/td>\n005930.KS<\/td>\n215,500.00<\/td>\n0.47%<\/td>\n-7.11%<\/td>\n67.70%<\/td>\n<\/tr>\n
Hyundai<\/td>\n005380.KS<\/td>\n295,500.00<\/td>\n-1.99%<\/td>\n-5.74%<\/td>\n-1.01%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

What to Watch Next<\/h2>\n

Economic Releases<\/h3>\n
    \n
  • 2026-10-27 09:00 ET US \u2014 House Price Index (Aug)<\/li>\n
  • 2026-10-27 16:30 ET US \u2014 API Crude Oil Stock Change (Oct\/23)<\/li>\n
  • 2026-10-28 07:00 ET US \u2014 MBA Mortgage Applications (Oct\/23)<\/li>\n
  • 2026-10-28 10:30 ET US \u2014 EIA Crude Oil Stocks Change (Oct\/23)<\/li>\n
  • 2026-10-28 14:00 ET US \u2014 FOMC Economic Projections<\/li>\n
  • 2026-10-28 14:00 ET US \u2014 Fed Interest Rate Decision<\/li>\n
  • 2026-10-29 07:00 ET GB \u2014 BoE Interest Rate Decision<\/li>\n
  • 2026-10-29 08:30 ET US \u2014 Core PCE Price Index MoM (Sep)<\/li>\n
  • 2026-10-29 19:30 ET JP \u2014 Tokyo Core CPI YoY (Oct)<\/li>\n
  • 2026-10-29 19:50 ET JP \u2014 Industrial Production MoM (Nov)<\/li>\n
  • 2026-10-29 23:00 ET JP \u2014 BoJ Interest Rate Decision<\/li>\n
  • 2026-10-30 01:00 ET JP \u2014 Housing Starts YoY (Sep)<\/li>\n
  • 2026-11-01 19:30 ET AU \u2014 Building Permits (Sep)<\/li>\n<\/ul>\n

    Corporate Earnings<\/h3>\n
      \n
    • 2026-10-23 US \u2014 American Express Company (AXP) (Before market open)<\/li>\n
    • 2026-10-26 US \u2014 Cadence Design Systems, Inc. (CDNS) (After market close)<\/li>\n
    • 2026-10-27 US \u2014 Baker Hughes Company (BKR) (After market close)<\/li>\n
    • 2026-10-27 US \u2014 Boeing Co (BA) (Before market open)<\/li>\n
    • 2026-10-27 US \u2014 Coca-Cola Co (KO) (Before market open)<\/li>\n
    • 2026-10-27 US \u2014 Ferrovial (FER) (Time not confirmed)<\/li>\n
    • 2026-10-27 US \u2014 NXP Semiconductors NV (NXPI) (After market close)<\/li>\n
    • 2026-10-27 US \u2014 Paccar Inc (PCAR) (Before market open)<\/li>\n
    • 2026-10-27 US \u2014 PayPal Holdings, Inc. (PYPL) (Before market open)<\/li>\n
    • 2026-10-27 US \u2014 Seagate Technology Holdings PLC (STX) (After market close)<\/li>\n
    • 2026-10-27 US \u2014 Sherwin-Williams Co (SHW) (Before market open)<\/li>\n
    • 2026-10-27 US \u2014 Teradyne, Inc. (TER) (After market close)<\/li>\n
    • 2026-10-27 US \u2014 Visa Inc. (V) (After market close)<\/li>\n
    • 2026-10-28 US \u2014 Alphabet (GOOGL, GOOG) (After market close)<\/li>\n
    • 2026-10-28 US \u2014 American Electric Power Company Inc (AEP) (Before market open)<\/li>\n
    • 2026-10-28 US \u2014 Automatic Data Processing Inc (ADP) (Before market open)<\/li>\n
    • 2026-10-28 US \u2014 Fortinet, Inc. (FTNT) (After market close)<\/li>\n
    • 2026-10-28 US \u2014 GE HealthCare Technologies Inc. (GEHC) (Before market open)<\/li>\n
    • 2026-10-28 US \u2014 Honeywell Aerospace Inc. (HONA) (After market close)<\/li>\n
    • 2026-10-28 US \u2014 KLA Corporation (KLAC) (After market close)<\/li>\n
    • 2026-10-28 US \u2014 Microsoft Corporation (MSFT) (After market close)<\/li>\n
    • 2026-10-28 US \u2014 Old Dominion Freight Line, Inc. (ODFL) (Before market open)<\/li>\n
    • 2026-10-28 US \u2014 O\u2019Reilly Automotive, Inc. (ORLY) (After market close)<\/li>\n
    • 2026-10-28 US \u2014 T-Mobile US Inc (TMUS) (Before market open)<\/li>\n
    • 2026-10-29 US \u2014 Alnylam Pharmaceuticals, Inc. (ALNY) (Before market open)<\/li>\n
    • 2026-10-29 US \u2014 Amazon.com Inc (AMZN) (After market close)<\/li>\n
    • 2026-10-29 US \u2014 Caterpillar Inc (CAT) (Before market open)<\/li>\n
    • 2026-10-29 US \u2014 Dexcom Inc (DXCM) (After market close)<\/li>\n
    • 2026-10-29 US \u2014 Gilead Sciences, Inc. (GILD) (After market close)<\/li>\n
    • 2026-10-29 US \u2014 Intel Corp (INTC) (After market close)<\/li>\n
    • 2026-10-29 US \u2014 Linde PLC (LIN) (Before market open)<\/li>\n
    • 2026-10-29 US \u2014 Merck & Co Inc (MRK) (Before market open)<\/li>\n
    • 2026-10-29 US \u2014 Mondelez International Inc (MDLZ) (After market close)<\/li>\n
    • 2026-10-29 US \u2014 Monolithic Power Systems Inc (MPWR) (After market close)<\/li>\n
    • 2026-10-29 US \u2014 SanDisk Corporation (SNDK) (After market close)<\/li>\n
    • 2026-10-29 US \u2014 Starbucks Corp (SBUX) (After market close)<\/li>\n
    • 2026-10-29 US \u2014 Strategy (MSTR) (After market close)<\/li>\n
    • 2026-10-29 US \u2014 Xcel Energy Inc (XEL) (Before market open)<\/li>\n
    • 2026-10-30 US \u2014 Chevron Corporation (CVX) (Before market open)<\/li>\n
    • 2026-10-30 US \u2014 Exelon Corp (EXC) (Before market open)<\/li>\n
    • 2026-10-30 US \u2014 Regeneron Pharmaceuticals, Inc. (REGN) (Before market open)<\/li>\n
    • 2026-11-02 US \u2014 Apple Inc. (AAPL) (After market close)<\/li>\n
    • 2026-11-02 US \u2014 Diamondback Energy, Inc. (FANG) (After market close)<\/li>\n
    • 2026-11-02 US \u2014 IDEXX Laboratories (IDXX) (Before market open)<\/li>\n
    • 2026-11-02 US \u2014 Marriott International, Inc. (MAR) (Before market open)<\/li>\n
    • 2026-11-02 US \u2014 Palantir Technologies Inc. (PLTR) (After market close)<\/li>\n
    • 2026-11-02 US \u2014 Vertex Pharmaceuticals Incorporated (VRTX) (After market close)<\/li>\n<\/ul>\n

      Market Holidays<\/h3>\n
        \n
      • 2026-10-26 TW \u2014 TWSE (Taiwan): Closed \u2014 Taiwan Restoration Day<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

        Global markets saw a widespread risk-off move, led by a tech sell-off on AI spending concerns & rising oil prices from Middle East tensions. US Treasury yields fell.<\/p>\n","protected":false},"author":3,"featured_media":7168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"wrap_published_at_et":"","wrap_author_name":"","wrap_author_url":"","wrap_author_linkedin":"","wrap_reviewer_name":"","wrap_reviewer_url":"","footnotes":""},"categories":[38],"tags":[40],"class_list":["post-7280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-wraps","tag-asia-close"],"acf":[],"yoast_head":"\nGlobal Markets Brace for Risk-Off as Tech Sinks, Oil Surges<\/title>\n<meta name=\"description\" content=\"Global markets turned risk-off as a tech sell-off on AI spending concerns met rising oil from Middle East tensions. 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