Hang Seng and KOSPI Drop Nearly 2% as Nasdaq Futures Retreat and Oil Climbs

Hang Seng and KOSPI Drop Nearly 2% as Nasdaq Futures Retreat and Oil Climbs

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Asian equities weakened during Thursday's opening hours as investors processed mixed US technology earnings and firmer energy prices. At approximately 03:00 UK time, the Hang Seng was down 1.77%, South Korea's KOSPI was down 1.75%, and Japan's Nikkei 225 was down 0.73%. Nasdaq 100 futures were about 0.84% lower, while Brent and WTI crude futures were both more than 1% above their prior references.

This is a meaningful cross-market divergence. Equity risk appetite is weakening, particularly around technology exposure, but oil is rising and gold is falling. The pattern is therefore more consistent with earnings-led de-risking and energy-price pressure than with a simple flight into every traditional haven.

Market snapshot: Indicative prices sampled between 01:40 and 02:00 UTC on 22 October 2026 (02:40–03:00 UK time; 07:40–08:00 Bangladesh time). Asian indices were live. US equity index and commodity figures were futures. Bitcoin traded continuously. Prices may be delayed and can change rapidly.

Asian markets: the rebound loses momentum

Hong Kong's Hang Seng traded near 23,232, down from Wednesday's 23,651.87 close. The index had already closed lower on the previous two sessions, so Thursday's decline extends a short-term sequence of lower closes rather than creating an isolated dip. The opening low near 23,221 is the first immediate support; the round 23,000 area is the next psychological test.

South Korea's KOSPI traded near 5,635, giving back a substantial part of Wednesday's rebound. The large chip names reinforced the weakness: Samsung Electronics was about 2.35% lower, while SK Hynix was down roughly 3.0% from the prior close. This matters because Korea remains a high-sensitivity market for global semiconductor and artificial-intelligence positioning.

The Bank of Korea kept its policy rate at 3.00%, in line with the unanimous expectation in a pre-meeting Reuters poll. The hold followed 25-basis-point increases in July and August. The decision did not reverse the equity decline during the observed window. That does not prove the rate hold caused the sell-off; the expected decision was one input alongside earnings, positioning and the regional technology pullback.

Japan's Nikkei 225 traded near 64,152, with an intraday low around 64,067. SoftBank Group was down about 3.2%, adding another technology-sensitive signal. Mainland China's Shanghai Composite was more resilient but still lower by about 0.63% near 3,690.

US futures: mixed earnings become a valuation test

Nasdaq 100 futures traded near 29,754, about 0.84% below the previous reference of 30,007. S&P 500 futures were down about 0.44%, and Dow futures about 0.23%. The greater weakness in Nasdaq futures points to a technology-heavy adjustment rather than an equally broad decline across every US index.

The overnight corporate signals were mixed. Meta reported 26% revenue growth and retained a positive after-hours price response. IBM beat headline estimates but reversed sharply from its first spike. Tesla extended its decline after reporting lower GAAP profit and operating income. Our overnight earnings analysis explains those reactions and their individual levels.

The inference is that one strong Meta result was not enough to offset uncertainty created by the other reports and the valuation already attached to technology shares. Confirmation still requires the US regular session. Futures can change materially before the cash open.

Oil rises while gold and Bitcoin weaken

December Brent futures traded near $110.21 a barrel, around 1.28% above the previous $108.82 reference. December WTI was near $98.30, up roughly 1.18% from $97.15. Brent's overnight range was approximately $109.73 to $110.46.

Gold futures moved in the opposite direction, trading near $4,128 per troy ounce, about 0.53% below the $4,150 previous reference. The Dollar Index was little changed, so the gold decline was not accompanied by a major broad dollar surge during the snapshot.

Bitcoin traded near $83,286, around 0.88% below its new-session reference near $84,024. It had also slipped beneath the observed session low near $83,475. The next round-number test is $83,000, followed by the prior close area around $82,941.

Oil strength alongside weaker equities is important for two reasons. First, higher energy prices can pressure margins and consumer spending. Second, persistent oil strength can complicate the path for inflation and interest rates. Those effects are conditional and unfold over time; a one-hour oil move does not establish a new inflation trend by itself.

Daily-timeframe levels to watch

Hang Seng

• Support: 23,221, then 23,000.
• Resistance: 23,514 opening area, then 23,620–23,652.
• Bearish confirmation: sustained trade below 23,221 opens the risk of a test of 23,000.
• Invalidation: a recovery above 23,652 would erase the current session loss and weaken the immediate bearish view.

KOSPI

• Support: 5,627, then Wednesday's prior reference near 5,553.
• Resistance: 5,670–5,740, then Wednesday's 5,816 high.
• Bearish confirmation: acceptance below 5,627 would show that Wednesday's rebound is continuing to unwind.
• Invalidation: a sustained recovery above 5,740 would neutralise the immediate downside setup.

Nasdaq 100 futures

• Support: 29,731, then 29,675.
• Resistance: 29,993–30,007.
• Bearish confirmation: a break below 29,731 that holds through the European morning.
• Invalidation: a reclaim of 30,007 would reverse the overnight loss.

Brent crude futures

• Support: $109.73, followed by $108.82.
• Resistance: $110.46, then the recent $111.97 high.
• Bullish confirmation: acceptance above $110.46.
• Invalidation: a fall back below $108.82 would cancel the immediate higher-low structure.

The Money Man View

The current signal is defensive but not disorderly. The Hang Seng and KOSPI are approaching 2% declines, Nasdaq futures are underperforming Dow futures, and technology-linked shares are leading the weakness. However, the Dollar Index is stable, gold is lower and volatility has not yet shown the kind of cross-asset surge associated with a broad liquidation.

For the next several hours, the cleanest confirmation comes from three tests: whether the Hang Seng holds 23,221, whether KOSPI holds 5,627 after the Bank of Korea communication, and whether Nasdaq futures can reclaim 30,007 before the US cash session. A failure of all three would broaden the bearish case. Reclaims in Asia combined with Nasdaq futures back above 30,007 would instead label this as an early-session earnings adjustment.

Oil is the separate risk channel. Brent holding above $109.73 while equities weaken keeps energy-cost pressure in focus. A break below $108.82 would reduce that divergence.

What could change the view

• A materially different message in the Bank of Korea press conference or published statement.
• A recovery in Samsung Electronics, SK Hynix and SoftBank that lifts their home indices.
• Fresh company guidance or analyst-call details that change the interpretation of the US earnings releases.
• A reversal in Brent below $108.82 or a breakout above $111.97.
• The US regular session accepting or rejecting the overnight Nasdaq-futures decline.

Sources and methodology

Index and futures prices were sampled from Yahoo Finance chart data for the Hang Seng, KOSPI, Nikkei 225, Nasdaq 100 futures, Brent, WTI, gold and Bitcoin. The rate decision was checked against the Bank of Korea meeting calendar, its previous policy statement, and the first published October decision report. Company results were checked against Meta Investor Relations, IBM Investor Relations and Tesla's Q3 update.

This market analysis was prepared with AI-assisted research and editorial review. It is educational information, not personalised investment advice. Futures and cryptocurrency can be highly volatile, and no scenario guarantees a return.