Gold Rises, Stocks Rebound After Tech-Led Selloff – Asia Market Wrap
Global equities rebounded after two sessions of AI-driven selling, as investors bought back into technology stocks while scaling back expectations for further Fed rate hikes. The MSCI Asia Pacific Index rose 1.8%, Nasdaq 100 futures gained 0.8% and European equity futures also pointed higher.
South Korea’s Kospi climbed 5% after briefly approaching bear market territory, with semiconductor stocks leading the recovery. Samsung jumped 8% following reports that Anthropic is in talks with the company to manufacture a custom AI chip, while SK Hynix advanced 9%.
The recovery in risk sentiment came as weaker-than-expected US jobs data prompted traders to pare back expectations for further Fed tightening, supporting both equities and precious metals.
Gold extended its rally for a third consecutive session, rising as much as 1.8% to $4,195.39 an ounce as lower interest rate expectations boosted demand for the non-yielding asset.
In commodities, Brent crude steadied near $72 a barrel in subdued trading as increased tanker traffic through the Strait of Hormuz and ongoing US-Iran negotiations continued to ease near-term supply concerns.
