Asian stocks steady as AI, Mideast jitters recede; dollar firm on Fed bets
MSCI Asia-Pacific shares outside Japan rose 0.8% as investors weighed a strong U.S. jobs report and nearly 80% odds of a December rate hike.
- Asian markets and US equity futures rose Monday, with the MSCI Asia-Pacific index climbing 0.8% after sliding 4.6% last week following a wild period of AI-related selling.
- Global stocks had struggled as the AI trade crumbled amid rising interest rates, until United States midterm election results unleashed deep concerns about increased regulation of AI and data centres.
- US employers added 165,000 jobs in October, bolstering the case for the Federal Reserve to raise interest rates in December, with market expectations for a hike rising to nearly 80% according to the CME FedWatch Tool.
- Bitcoin fell more than 2% to $73,708 while ether declined about 5% to $2,223, as investors fretted over potential regulation from a Democratic-controlled Congress. Brent crude fell to $97.49 after President Donald Trump said he was unlikely to attack Iran.
- Upcoming earnings reports from tech companies including CoreWeave, Applied Materials, and Cisco Systems will test AI profitability amid massive build-out costs. Analysts warn momentum remains skewed downside following underwhelming earnings and increased regulatory risk.
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7 Articles
Asian stocks steady as AI, Mideast jitters recede; dollar firm on Fed bets
Asian markets and US equity futures made a steady start on Monday, wobbling into positive territory after a wild week where doubts about demand for computer chips sent tech-heavy markets in Asia into some of their steepest falls in years.
Channel News Asia
Free Malaysia Today NewsAsian stocks steady as AI, Middle East jitters recede
Asian markets and US equity futures made a steady start on Monday (Nov 9), after a wild week where doubts about demand for computer chips sent tech-heavy markets in Asia into some of their steepest falls in years.
Global Market Today: Asian stocks open mostly higher, Nvidia probe looms
Benchmark stock indexes rose in Japan and Australia after a gauge of US semiconductor shares jumped 4.2% on Friday as speculation about possible tighter Democratic party regulation of the artificial intelligence industry eased. The MSCI Asia Pacific Index of equities gained 0.5%.
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