Dip Buyers Revive Global Stocks After Tech-Led Slide – Asia Market Wrap
Stocks rebounded as dip buyers stepped in following a brief pullback in global equities sparked by concerns over lofty valuations in technology companies.
Asian equities rose 1.1% after their sharpest two-day decline since April, with Hong Kong and Japan leading gains. Ten of eleven industry groups advanced, with more than two stocks rising for every one that fell. SoftBank Group climbed 1% after reports it explored a potential takeover of Marvell Technology earlier this year.
The regional rebound followed a Wall Street recovery, where investors returned to some of the biggest beneficiaries of the AI boom after Tuesday’s selloff. Futures on the S&P 500 and Nasdaq 100 edged lower by 0.1%. Qualcomm slipped 2.6% in late trading, becoming the latest chipmaker to post an upbeat forecast that still left investors underwhelmed. European stocks were set for a muted open.
Elsewhere, gold extended gains, while oil edged higher after three days of losses. The dollar weakened against all major peers, with the yen leading advances. US Treasuries rose ahead of remarks from several Federal Reserve officials as traders looked for clues on the policy path.
Meanwhile, the number of Chinese firms in MSCI’s global stock indexes increased for the first time in nearly two years — a shift that could attract more inflows from passive investors.
