Asian stocks slump, FX range-bound as Taiwan earthquake hits sentiment
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Emerging Asian stocks fell after Taiwan experienced a 7.2-magnitude earthquake, causing concerns about disruptions to the chip-making industry. Taiwan's benchmark index ended lower, and shares of Taiwan Semiconductor Manufacturing Co slumped 1.3% after some facilities were evacuated. Stocks in Seoul, Manila, Singapore, and Jakarta also fell. Singapore Telecommunications fell nearly 4% after confirming no impending deal to divest its Australian telecom unit. The dollar remained strong, with the dollar index steady at 104.78. The yen traded at 151.67 per dollar, and the Philippine peso slipped 0.3%. Thailand's cabinet approved a plan to raise its budget deficit next year. Oil prices edged higher due to geopolitical tensions and a larger-than-expected fall in US crude inventories. Chile's central bank cut its key interest rate by 75 basis points to 6.50%.

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