Japan and South Korea stocks retreat as global markets pull back

01The Story新闻事实

Japan’s Nikkei 225 fell 0.9% and South Korea’s Kospi dropped 2% on Wednesday as world shares retreated after U.S. stocks reached records. Investor confidence remains supported by expectations for strong corporate earnings, but elevated oil prices, restrictive interest rates and concerns about high valuations in artificial-intelligence stocks continue to pose risks.周三，全球股市回落，此前美国股市创下新高；日本日经225指数下跌0.9%，韩国综合指数下跌2%。市场信心仍受到企业盈利强劲预期的支撑，但高油价、限制性利率以及对人工智能股票估值过高的担忧仍构成风险。

The Nikkei 225 fell 0.9% to 70,035.71 in Tokyo.东京日经225指数下跌0.9%，报70,035.71点。
South Korea’s Kospi dropped 2% to 6,803.90.韩国综合指数下跌2%，报6,803.90点。
The S&P 500 reached a record close of 7,818.93 after rising 0.6% on Tuesday.标普500指数周二上涨0.6%，创下7,818.93点的收盘纪录。
Analysts expect S&P 500 companies to post nearly 30% year-on-year earnings-per-share growth for the July-through-September quarter.分析师预计，标普500指数成分股企业7月至9月季度的每股收益同比增长近30%。
Brent crude rose 0.7% early Wednesday to $101.26 a barrel, while U.S. benchmark crude rose 0.3% to $89.66.周三早盘，布伦特原油上涨0.7%，至每桶101.26美元；美国基准原油上涨0.3%，至每桶89.66美元。

Strong expected earnings are supporting global equities, but Japan and South Korea remain exposed to the market’s response to oil prices, interest rates and stretched technology valuations.强劲的盈利预期正在支撑全球股市，但日本和韩国市场仍会受到油价、利率以及科技股高估值变化的影响。

024 Dimensions维度分析

Comparison对比

Regional market pullback区域市场回落

Asian equities weakened as global shares retreated after U.S. stocks reached records. South Korea’s decline was larger than Japan’s in the reported session.美国股市创下新高后，全球股市回落，亚洲股市随之走弱。在报道所述交易时段，韩国市场跌幅大于日本市场。

Nikkei 225 change日经225指数变动

Wednesday周三-0.9 %

Wednesday周三-2 %

The Nikkei 225 fell to 70,035.71, while the Kospi fell to 6,803.90.日经225指数跌至70,035.71点，韩国综合指数跌至6,803.90点。
Hong Kong’s Hang Seng fell 0.6%, while Taiwan’s Taiex was nearly unchanged.香港恒生指数下跌0.6%，台湾加权指数基本持平。

Contradiction矛盾之处

Earnings versus macroeconomic pressure盈利与宏观压力的拉锯

Investors have continued to prioritize expected corporate earnings despite high oil prices, inflation concerns and restrictive interest rates. The article says earnings strength has remained a vital source of support for U.S. stocks.尽管油价高企、通胀担忧持续以及利率具有制约性，投资者仍优先关注企业盈利预期。报道指出，盈利强劲一直是支撑美国股市的重要因素。

Expected S&P 500 earnings-per-share growth标普500指数每股收益预期增幅

July-September quarter, year on year7月至9月季度，同比30 %

Since late March自3月下旬以来23 %

The S&P 500 has risen 23% since reaching a trough in late March.标普500指数自3月下旬触及低点以来上涨了23%。
Analysts expect nearly 30% earnings-per-share growth, which would mark a third consecutive quarter above 25% if accurate.分析师预计每股收益增长近30%；若预测准确，这将是连续第三个季度增幅超过25%。

Cause因果关系

Oil, bonds and currency signals油价、债券与汇率信号

Higher energy prices and bond yields remain potential sources of pressure for markets. Early Wednesday, Brent crude rose while the U.S. 10-year Treasury yield had eased from the previous session.更高的能源价格和债券收益率仍可能对市场构成压力。周三早盘布伦特原油上涨，而美国10年期国债收益率较前一交易日有所回落。

Brent crude price布伦特原油价格

101.26 USD per barrel101.26美元/桶

Early Wednesday周三早盘

U.S. 10-year Treasury yield美国10年期国债收益率

5.28 %5.28%

Tuesday周二

Tuesday周二5.28 %

Late Monday周一晚些时候5.31 %

U.S. dollar exchange rate美元汇率

158.13 Japanese yen per dollar158.13日元/美元

Early Wednesday周三早盘

Early Wednesday周三早盘158.13 Japanese yen per dollar

Previous reported level前一报告水平158.1 Japanese yen per dollar

Brent crude remained below the nearly $110 level reached a few weeks earlier.布伦特原油价格仍低于几周前接近每桶110美元的水平。
The 10-year Treasury yield eased from 5.31% to 5.28%.美国10年期国债收益率从5.31%回落至5.28%。

Future signal前瞻信号

Technology valuation risk科技股估值风险

Artificial-intelligence stocks have been a major force behind U.S. market gains, but critics warn that the sector could be in a bubble. A reversal in these shares could affect broader market sentiment.人工智能股票一直是推动美国市场上涨的重要力量，但批评者警告该行业可能存在泡沫。若相关股票逆转，可能影响更广泛的市场情绪。

Nvidia gain so far this yearNvidia今年以来涨幅

28.3 %28.3%

This year今年以来

Nvidia’s gain is roughly double the broad market’s gain, according to the article.报道指出，Nvidia的涨幅大约是大盘涨幅的两倍。
The article says AI stocks have been a huge force driving the U.S. market to records.报道指出，人工智能股票是推动美国市场创下纪录的重要力量。

03Timeline时间线

2026-10-06 U.S. stocks reached record highs, while the 10-year Treasury yield eased to 5.28% from 5.31%.美国股市创下新高，美国10年期国债收益率从5.31%回落至5.28%。
2026-10-07 The Nikkei 225 fell 0.9% and the Kospi fell 2% as world shares retreated.全球股市回落之际，日经225指数下跌0.9%，韩国综合指数下跌2%。

Key takeaway核心结论

Japan and South Korea’s market declines show that strong U.S. earnings expectations have not removed sensitivity to oil, interest rates and technology valuations.日本和韩国股市下跌表明，强劲的美国盈利预期并未消除市场对油价、利率和科技股估值的敏感性。

04What to Watch后续关注

Whether companies deliver the expected nearly 30% year-on-year growth in earnings per share.企业能否实现每股收益同比近30%的预期增长。
Whether higher crude prices continue to add pressure to inflation and markets.原油价格走高是否继续加大通胀和市场压力。
Whether elevated artificial-intelligence stock valuations lead to a broader market reversal.人工智能股票高估值是否引发更广泛的市场逆转。
How bond yields and the U.S. dollar-yen exchange rate develop after the reported moves.债券收益率和美元兑日元汇率在报道所述变动后如何发展。

05Uncertainties不确定因素

The expected earnings growth depends on companies delivering results that meet analysts’ forecasts.预期盈利增长取决于企业能否交出符合分析师预测的业绩。
The article does not identify a Japan- or South Korea-specific cause for the different declines in the Nikkei 225 and Kospi.报道没有说明日经225指数和韩国综合指数出现不同跌幅的日本或韩国特定原因。
The article reports concerns about a possible AI-stock bubble but does not establish that a bubble exists.报道提到人工智能股票可能存在泡沫的担忧，但没有认定泡沫已经存在。

06Sources信息来源

World stocks fall back despite latest earnings-driven rally on Wall Street - AP NewsWorld stocks fall back despite latest earnings-driven rally on Wall Street - AP News apnews.com · 2026-10-07

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