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Asian Stocks Slide as Oil Prices Rise Ahead of Major AI Earnings

Asian stocks fell sharply on Tuesday as rising oil prices, geopolitical uncertainty and concerns over European political stability weighed on sentiment, with investors waiting for earnings from Meta, Tesla, Lam Research and Texas Instruments. South Korea's KOSPI led losses with a 3.61% drop, Japan's Nikkei 225 fell 1.28%, and the MSCI Asia-Pacific index excluding Japan dropped 0.93%. Goldman Sachs expects Meta and four other AI hyperscalers to raise their combined capital expenditure to about $1.2 trillion next year. South Korean AI infrastructure firm Elice Group opened 16% below its IPO price after raising about $151 million, while Brent crude rose 0.21% to $109.78 a barrel and gold slipped 0.51% to $4,118.71 per ounce.

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