Stocks Climb on CoreWeave Earnings as Oil Extends Gains – Asia Market Wrap
Asian stocks rose and US equity-index futures advanced as strong earnings from tech companies lured investors back into the AI trade.
The Kospi, a bellwether for AI investments, rallied 4%, with Samsung and SK Hynix both jumping about 7% amid optimism over their shareholder return policies. A media report about investment plans by Singapore’s Temasek Holdings also supported sentiment, while the broader MSCI Asia Pacific gauge climbed 0.7%.
CoreWeave surged 16% in extended trading after booming AI spending drove stronger-than-expected sales growth, while Super Micro Computer rallied 7.6% in post-market trading as its revenue forecast topped estimates. Those gains helped spur a 0.3% advance in futures contracts for the Nasdaq 100, with European shares set for a flat open.
The advance in oil came as the US and Iran both appeared to harden their positions in the long-deadlocked negotiations over the Strait of Hormuz, despite Pakistan’s defense minister saying the two countries are “close to some sort of arrangement.” Oil’s gain added to investor caution in the run-up to crucial US inflation data later Wednesday, as investors weighed persistent geopolitical risks against uncertainty over the Fed’s next move on rates. Hopes for a breakthrough in Middle East negotiations were dampened after optimism about an imminent deal boosted risk assets last week.
The Yen was little changed around 159.40 per Dollar. Investors are watching the currency as it approaches the key level of 160, which may trigger Japanese authorities to intervene again. The Dollar weakened against most of its Group-of-10 peers.
