The Asian AI Trade Just Unwound for the Third Straight Week, the Kospi Has Lost 8.3 Percent, and Hang Seng Tech Investors Are Pricing a Fed Rate Increase in Sep... (opens in new tab)

The Asian AI trade has unwound for the third consecutive week, with South Korea's Kospi index losing 8.3 percent in a single session despite the cumulative year-to-date gain of more than 100 percent, China's Star Market 50 retreating 4.3 percent, the Hang Seng Index closing at 24,657 with a 1.2 percent decline, and the Hang Seng Tech Index off 2.7 percent, all driven by the cumulative US jobs-and-yield combination that has shifted the Fed-policy expectation toward a September rate-increase ra...