Asian equities fell, led by technology stocks, after Wall Street’s pullback from record highs fueled caution about lofty valuations and AI-related spending. Gold extended its scorching rally to top $4,000 an ounce.
MSCI’s regional stock gauge fell 0.6% with Alibaba Group Holding Ltd. and Baidu Inc. among the losers. Shares in Hong Kong retreated 1%. A gauge of the dollar rose to its highest level in more than a month while New Zealand’s currency fell after the central bank cut interest rates and signaled openness to more.