Tech Leads Asian Stocks Higher; Oil Climbs on Iran – Asia Market Wrap
Asian markets rose for the second day in a row, on track for a weekly gain, as investors shifted their focus to a larger collection of companies involved in the AI buildout.
MSCI’s Asian shares index rose 1%, with Japan’s Nikkei leading the way with a 2.7% rise. SoftBank rose 11% in Tokyo, tracking increases in US-listed shares of chipmaker Arm Holdings. Lenovo hit a 26-year high in Hong Kong after reporting substantial growth in AI-related earnings.
US equity-index futures also rose, with contracts for the Nasdaq 100 Index up 0.5%. European stocks were also expected to gain approximately 1%.
Still, geopolitical prudence limited advances. Brent rose beyond $104 a barrel after three days of falls, as Iran’s pronouncements on uranium and the Strait of Hormuz dashed earlier hopes for progress in negotiations with the US.
Elsewhere, gold fell to around $4,530 an ounce. The Yen lingered near 159 against the Dollar, its lowest level since April 30th, as Japan’s key inflation measure fell more than expected.
