Investing.com– Asian stocks fell on Friday as technology shares lost momentum amid stalled U.S.-Iran peace talks and a renewed surge in oil prices, while investors weighed slightly stronger inflation figures from Japan.
Regional markets tracked overnight losses on Wall Street, where technology stocks, which had driven recent gains, came under pressure.
U.S. stock index futures rose in Asian trading after President Donald Trump announced an extension of the Israel-Lebanon ceasefire.
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Strait of Hormuz tensions, tech losses drag
Regional markets struggled to sustain recent gains after a strong rally driven by artificial intelligence-linked stocks.
Investor sentiment was weighed down by still-elevated geopolitical tensions in the Middle East.
Stalled negotiations between Washington and Tehran, coupled with ongoing disruptions in the Strait of Hormuz, kept elevated above $100 per barrel, stoking inflation concerns and dampening appetite for risk assets.
President Trump’s announcement of a ceasefire extension between Israel and Lebanon offered only limited support.
South Korea’s edged down 0.4% to 46,452.29 points, after hitting a record high of 6,557.56 points in the prior session.
The benchmark was set to jump more than 4% this week with gains in heavyweight chipmaking stocks.
China’s fell 0.5%, while the blue-chip slipped 0.6%.
Hong Kong’s traded 0.5% lower, with the declining 1%.
Japan core CPI remains below BOJ target
In Japan, government data released on Friday showed , which exclude fresh food, rose 1.8% year-on-year in March, up from 1.6% in February but still below the Bank of Japan’s 2% target.
The Bank of Japan is set to meet next week, where the central bank is expected to keep interest rates unchanged, but reportedly signal willingness to hike rates.
The edged up 0.4% after hitting a record high on Thursday, while the broader ticked 0.1% lower.
Nikkei 225 was set to rise 1.5% for the week, with tech gains and earnings supporting gains.
Elsewhere, Singapore’s fell 0.8%, while Australia’s S&P/ASX 200 dipped 0.5%.
Futures tied to India’s rose 0.4%.