Tech Selloff Eases as Oil Drops on Iran Diplomacy - Asia Market Wrap
Asian equities and US stock futures advanced as risk appetite stabilised following last week’s sharp technology selloff. Oil prices fell, easing some pressure on broader markets. The MSCI Asia Pacific Index rose 0.1%, with gains in South Korea and Hong Kong offsetting declines in Australia. The move followed Friday’s heavy losses on Wall Street, where the Nasdaq 100 slumped 3.5% for its worst session since June and the Philadelphia Semiconductor Index plunged 7.2%. Futures on the S&P 500 and Nasdaq 100 climbed at least 0.5% on Monday, while European contracts also advanced. Chinese stocks outperformed after a report that financial regulators would meet banks and securities firms on Monday to discuss measures to support the capital market. The meeting points to renewed efforts by authorities to arrest the market’s decline. Brent crude fell 3% to $109.87 a barrel after a report said President Donald Trump wants to give diplomacy with Iran more time before considering a resumption of military strikes following Tuesday’s midterm elections. The prospect of a pause in escalation helped support risk sentiment. Elsewhere, Bitcoin rose for a third consecutive day after last week’s decline,
Asian equities and US stock futures advanced as risk appetite stabilised following last week’s sharp technology selloff. Oil prices fell, easing some pressure on broader markets. The MSCI Asia Pacific Index rose 0.1%, with gains in South Korea and Hong Kong offsetting declines in Australia. The move followed Friday’s heavy losses on Wall Street, where the Nasdaq 100 slumped 3.5% for its worst session since June and the Philadelphia Semiconductor Index plunged 7.2%.
Futures on the S&P 500 and Nasdaq 100 climbed at least 0.5% on Monday, while European contracts also advanced. Chinese stocks outperformed after a report that financial regulators would meet banks and securities firms on Monday to discuss measures to support the capital market. The meeting points to renewed efforts by authorities to arrest the market’s decline. Brent crude fell 3% to $109.87 a barrel after a report said President Donald Trump wants to give diplomacy with Iran more time before considering a resumption of military strikes following Tuesday’s midterm elections.
The prospect of a pause in escalation helped support risk sentiment. Elsewhere, Bitcoin rose for a third consecutive day after last week’s decline, triggered by Binance Holdings disclosing a record hack. Gold gained 0.8% to $3,906 an ounce, recovering after Friday’s drop to its lowest close in more than a year.