Asian tech selloff, Iran oil uncertainty

On August 6, 2026, Asian shares mostly declined, led by a sharp selloff in technology and semiconductor stocks. South Korea's KOSPI dropped over 4%, with SK Hynix plunging about 10% and Samsung Electronics falling over 6%. Japan's Nikkei 225 lost over 1%, and Hong Kong's Hang Seng declined nearly 2%. The selloff followed a weaker session on Wall Street, where the Nasdaq snapped a winning streak as SpaceX and AMD stumbled after earnings. Oil prices remained steady near $79 per barrel for Brent crude, as markets weighed prospects for a US-Iran peace deal and the reopening of the Strait of Hormuz. US President Donald Trump said a deal was coming soon, but uncertainty persisted. Investors also braced for the US July jobs report, with futures pricing a 54% chance of a Fed rate hike in September. The dollar was steady against the yen after a rare joint intervention by Japan and the US.