GLOBAL MARKETS-Asia Shares Surge on Tech Mood Swing, Oil Retreats
MSCI's Asia-Pacific index outside Japan rose 1.5% as strong tech earnings and lower oil prices eased bond yields, analysts said.
- On Wednesday, Asian stock markets jumped as tech demand lifted Wall Street to record peaks, with Japan's Nikkei climbing 3.0 per cent and South Korea's KOSPI adding 3.4 per cent.
- Hopes for progress on opening the Strait of Hormuz dragged on oil prices, providing relief from inflation fears as Brent crude eased 0.4 per cent to $79.02 a barrel.
- Markets sharply pared the probability of a September Federal Reserve rate hike to 57 per cent from 67 per cent, while SpaceX shed 7.5 per cent on capital concerns.
- Treasury Secretary Scott Bessent said he was sure Bank of Japan Governor Kazuo Ueda will "do what is best" for the economy, following last week's rare joint yen-buying intervention.
- New Zealand's unemployment rate hit a decade peak of 5.6 per cent in the June quarter, while non-interest-paying gold edged up 0.1 per cent to $4,080 an ounce.
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In Asia, investors are once again interested in electronics, memory chips, and AI infrastructure stocks. Stock markets in Japan and South Korea posted decent gains overnight. Strong corporate earnings, lower oil prices, and falling bond yields are creating an upbeat mood. Wall Street reached record highs, and European futures are also turning green.
The prospect of a rapid reopening of the Strait is fuelling the optimism of investors in Asia.
The record mood on the US stock exchanges also motivates investors in Asia. The most important indices in Japan and South Korea increased by more than three percent.
Channel News Asia
Asia shares surge on tech mood swing, oil retreats
SYDNEY, Aug 5 : Asian stock markets jumped on Wednesday as strong earnings and a resurgence of demand for tech lifted Wall Street to record peaks, while hopes for progress on opening the Strait of Hormuz dragged on oil prices and bond yields.Japan's Nikkei climbed 3.0 per cent and South Korea added 3.4 per ce
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