Asian Stocks Skid, Wall Street and Bonds Aided by Oil Slip

3-line summary

• Japan's Nikkei fell 2.0% Monday, extending last week's 5.4% drop, while South Korean stocks fell 1.6% after dropping more than 14% last week; the MSCI Asia-Pacific ex-Japan index fell 0.3%, with the Philadelphia Semiconductor Index (SOX) down 11.4% last week — its longest losing streak since 2008 — amid concerns over AI-investment financing and tech-stock weakness. S&P 500 futures rose 0.5% and Nasdaq futures rose 0.8%.
• The US 10-year Treasury yield fell 3 basis points to 5.0645%, extending a rally as geopolitical tension and an equity-to-safety shift drove bonds to their biggest weekly yield drop in eight months last week.
• Brent crude fell 1.6% to $108.06 a barrel and US crude (WTI) fell 0.7% to $100.70, after President Trump moved to waive some sanctions on Russia, though he later said a final decision had not been made; Secretary of State Rubio said assessing the economic impact could take up to 60 days. Separately, Iran reported another tanker struck a mine in the Strait of Hormuz.

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