Micron’s Outlook and the Oil Slump Boost Stocks – Asia Market Wrap
Nasdaq 100 futures jumped 1.8%, while S&P 500 futures rose 0.5%. In Asia, South Korea’s KOSPI surged as much as 6%, with the broader MSCI Asia Pacific Index advancing 1.7%. Micron shares soared around 15% in after-hours trading after its quarterly revenue outlook comfortably exceeded Wall Street expectations, reinforcing optimism that demand for AI infrastructure remains strong despite recent valuation concerns.
Oil extended its decline, with Brent crude falling for a fourth consecutive session to below $72.48 per barrel, erasing all of its gains from the Iran conflict. The continued normalization of tanker traffic through the Strait of Hormuz following progress toward a US-Iran peace agreement further eased supply concerns and provided an additional boost to broader market sentiment.
Gold steadied near $4,000 an ounce after falling below the milestone for the first time since November, pressured by a stronger Dollar and expectations that interest rates could remain higher for longer.
In China, authorities launched marketing for up to €5 billion of sovereign bonds, potentially marking the country’s largest-ever euro-denominated debt sale. Separately, the PBOC introduced an overnight tenor to its open market operations, another step in refining its framework for guiding short-term borrowing costs and improving monetary policy transmission.
