Asian markets fell this morning, with the heaviest sell-off being recorded in Korea.
The Nikkei 225 fell 2.79%, while the Topix fell 1%. Kospi fell more than 5% and Kosdaq, a small-cap stock, fell 4.95%. Australia’s benchmark S&P/ASX 200 was down 0.95%. Hong Kong’s Hang Seng Index fell by 1.33%, and China’s CSI 300 by 1.4%.
The futures price of Brent crude oil exceeded $100 per barrel for the first time since the end of May, rising by about 7% on Thursday. West Texas Intermediate futures rose about 6% on the day, after two Saudi oil tankers were reportedly hit in the Red Sea. Prices were slightly higher in Asian trading on Friday.
Singapore sovereign wealth fund GIC’s yield fell for a third straight year to a six-year low in the 2025/26 fiscal year amid what it called “deep uncertainty” as it took less risk with resilience in mind.
GIC said its 20-year annual real rate of return was 3.4%, down from 3.8% a year earlier. It is also the lowest rate of 2.7% in the fiscal year 2019/2020, according to CNA, SEEbiz reports.
The sovereign wealth fund uses the 20-year metric as its primary performance indicator, which measures average annual returns over the past two decades.
Japan’s core inflation was 1.6% in June, data showed on Friday, as higher oil prices begin to spill over into the wider economy. .
This was the first rise in core inflation since March and was in line with the 1.6% rise expected by economists polled by Reuters. Core inflation in Japan excludes fresh food prices.
