WS #10499

Global tech selloff intensifies, with Nasdaq 100 futures down 2.7% and South Korea's Kospi closing 10% lower, driven by AI valuation fears and rate concerns. The selloff is spreading from Asian chipmakers (SK Hynix, Samsung down >12%) to European semiconductor stocks (STMicroelectronics, ASMI down >7%). This confirms the tech rout is broadening beyond US markets. Meanwhile, US-Iran negotiations show progress: technical talks in Switzerland concluded successfully, with Iran saying $12 billion in frozen funds will be released. Russia's Lavrov signaled readiness to resume Ukraine talks. These geopolitical developments could act as counterweights to the tech-driven risk-off sentiment. UK economic data weakens further, with June composite PMI falling to 49.4 (contraction) and the economy shrinking for a second consecutive month, adding to global growth concerns.