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Investment Daily: Global stock markets fell on tech share weakness

24 June 2026

Key takeaways

  • US stocks fell, while Treasuries edged higher.
  • European stocks and government bond yields fell.
  • Asian stocks broadly fell.

Markets

US stocks fell on Tuesday, led by losses in tech/semiconductor shares. The S&P 500 closed down 1.4%, while the tech-heavy Nasdaq slid 2.2%.

US Treasuries edged higher (yields fell) amid equity market weakness, lower oil prices, and solid demand at a 2-year Treasury auction. 10-year yields edged down 1bp to 4.50%.

European stocks declined on Tuesday amid a global tech sell-off. The Euro Stoxx 50 dropped 1.3%. The German DAX fell 1.0%, and the French CAC closed 0.7% lower. In the UK, the FTSE 100 edged down 0.1%.

European government bonds rose (yields fell). 10-year German bund yields and 10-year French bond yields both by dipped 3bp to 2.92% and 3.68% respectively. In the UK, 10-year gilt yield declined 6bp to 4.75%.

Asian stock markets declined on Tuesday, tracking overnight losses in US tech stocks. Korea’s Kospi dropped 10.0%, led by a selloff in chip heavyweights amid heightened market volatility, while Japan’s Nikkei 225 lost 3.5%. Elsewhere, Hong Kong’s Hang Seng extended losses, down 1.8%, as China’s Shanghai Composite fell 1.4%. India’s Sensex closed 1.2% lower.

Crude oil prices fell on Tuesday. WTI for August delivery settled 2.2% lower at USD73.2 a barrel. 

Key Data Releases and Events

Releases yesterday

The Bank of Japan (BoJ) raised its policy rate by 25bp to 1.00%, as widely expected, and decided to halt the reduction in JGB purchases from April 2027. The BoJ highlighted the risk of underlying CPI inflation deviating upward above 2%.

The Reserve Bank of Australia (RBA) kept its policy rate unchanged at 4.35%, as widely anticipated. Governor Bullock noted upside risks to inflation and did not rule out further tightening.

In China, May activity indicators continued to reflect a two-speed economy. Industrial production showed resilience, up 4.5% YOY, driven mainly by gains in high-tech manufacturing and new energy sectors thanks to robust exports. However, non-tech domestic demand was softer than expected as the property sector remained under pressure. Retail sales fell 0.6% YOY, partly reflecting an unfavourable base effect from last year’s trade-in subsidies. Fixed asset investment contracted by 4.1% YOY in the first five months, despite strong advanced manufacturing investment.

Releases due today (24 June 2026)

In Germany, the IFO business confidence index is expected to rise to 85.5 in June, from 84.9 in May, driven by weaker oil prices.

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