Stocks Rise on AI Earnings & Oil Gains - Asia Market Wrap
Global stocks advanced as strong tech earnings revived confidence in the AI trade following last week's selloff, while oil climbed on renewed supply concerns. South Korea's Kospi rose 2.6% and Taiwan's Taiex gained 0.9%, supported by better-than-expected results from SpaceX and Super Micro Computer. SpaceX advanced 8.1% in extended trading, while Super Micro surged 16%. The MSCI Asia Pacific Index rose 0.9%, snapping a two-day decline, while Nasdaq 100 futures gained 0.7% and European shares were positioned for a higher open. AI infrastructure stocks saw sharp moves, with Etix surging 30% in Seoul after rebounding from one of South Korea's worst IPO debuts. Australia's Nextdc plunged 40% after the data-centre developer lowered its outlook. Oil advanced as attacks on ships near the Strait of Hormuz threatened shipments, while US industry data indicated another decline in stockpiles. Brent climbed above $110 a barrel, extending gains from the previous session as supply risks supported prices. Gold held its previous session's losses, trading near $4,115 an ounce after falling more than 1% since the start of the week. Treasuries edged lower, with the US 10-year yield rising 1 bp to 5.1
Global stocks advanced as strong tech earnings revived confidence in the AI trade following last week's selloff, while oil climbed on renewed supply concerns. South Korea's Kospi rose 2.6% and Taiwan's Taiex gained 0.9%, supported by better-than-expected results from SpaceX and Super Micro Computer. SpaceX advanced 8.1% in extended trading, while Super Micro surged 16%. The MSCI Asia Pacific Index rose 0.9%, snapping a two-day decline, while Nasdaq 100 futures gained 0.7% and European shares were positioned for a higher open.
AI infrastructure stocks saw sharp moves, with Etix surging 30% in Seoul after rebounding from one of South Korea's worst IPO debuts. Australia's Nextdc plunged 40% after the data-centre developer lowered its outlook. Oil advanced as attacks on ships near the Strait of Hormuz threatened shipments, while US industry data indicated another decline in stockpiles. Brent climbed above $110 a barrel, extending gains from the previous session as supply risks supported prices.
Gold held its previous session's losses, trading near $4,115 an ounce after falling more than 1% since the start of the week. Treasuries edged lower, with the US 10-year yield rising 1 bp to 5.12%, while the Dollar strengthened slightly against most G10 currencies.