Asian Shares Retreat As Tech Selloff Deepens

Asian markets declined on Monday as a selloff in tech shares gathered momentum following Broadcom’s disappointing AI outlook.

Markets were also spooked by higher bond yields and interest rate worries after U.S. jobs data for May blew past expectations.

The dollar scaled a two-month peak while gold fell towards $4,300 an ounce as traders ramped up bets on a Federal Reserve rate hike this year.

Brent crude futures jumped more than 4 percent above $97 a barrel, rebounding from a two-session decline after Iran and Israel exchanged missile strikes, casting doubt on the futures of a fragile ceasefire in the Middle East.