Crude Oil Rises as Stocks Continue Their Record Rally on AI – Asia Market Wrap

Global equities climbed to fresh highs as demand for AI-linked stocks intensified, reinforcing the sector’s position as the main driver of market momentum.

MSCI’s All Country World Index rose 0.1% to a record, while gauges in Asia and the US also reached all-time highs. Tokyo Electron and TSMC climbed to new peaks after the Philadelphia Semiconductor Index surged nearly 6% to a record. South Korean markets were closed for a holiday.

Tech remained in focus, with SpaceX seeking $135 a share in a $75 billion IPO. Futures for the S&P 500 and Nasdaq 100 were little changed.

Still, caution emerged as Brent crude rose above $97 a barrel amid fading hopes of a US-Iran peace deal and renewed fighting in the Middle East. The Dollar edged higher, while the Yen hovered near 160 per Dollar. European equities were set for a modestly weaker open.

The Yen remained in focus as investors looked ahead to comments from BoJ’s Ueda for further clues on the path of Japanese interest rates. Traders remained cautious about pushing the Yen beyond the psychologically important ¥160-per-dollar level, as the risk of intervention from Japanese authorities continues to loom. The currency has repeatedly approached the threshold this year, with officials signaling their willingness to act against excessive volatility.