Asian stocks advanced as investors shifted their focus to tech bets after a week largely defined by the threat of a US-China trade war.
An MSCI gauge of regional shares rose as much as 1.1% as benchmark indexes in South Korea, Japan and mainland China gained. The moves were fueled in part by a return to bets on tech stocks, after Wednesday’s earnings from Dutch chip-machine maker ASML Holding NV added to optimism the artificial intelligence boom can still power corporate earnings. Gold soared to as high as $4,242 an ounce, taking gains this year to more than 60% as trade frictions and expectations for further Federal Reserve interest-rate cuts lured buyers. Bloomberg’s dollar index slipped for a third day, while Treasuries were mixed in Asia after two-year yields fell toward their lowest level this year in US trading.
The broad rally in Asian shares showed investors remain optimistic about the region even as renewed trade tensions between China and the US cast a shadow. Asian stocks have been a big winner for investors this year, with the MSCI regional gauge outpacing US benchmarks with a 23% gain. Investors are getting so used “to political ups and downs, that they are now realizing that unless they hurt the earnings of companies which are the real drivers of risk markets,” Fabiana Fedeli, M&G Investments CIO for equities, multi-asset and sustainability, said in Bloomberg Television interview. Tech companies were among the big winners Thursday with China’s ZTE Corp. rising as much as 10% in Hong Kong, reversing a selloff earlier this week. Shares of Korean chipmaker SK Hynix Inc. jumped as much as 6.9%, helping fuel a 2.1% gain in the benchmark Kospi. Markets were whipsawed in US trading by comments from President Donald Trump that the US was locked in a trade war with China, and Treasury Secretary Scott Bessent’s suggestion of a longer-term truce. After several months of relative calm, tensions between Washington and Beijing have flared up again, with stocks fluctuating after Friday’s selloff as dip buyers stepped in. Trump spoke just hours after Bessent dangled the possibility of extending a pause of import duties on Chinese goods for longer than three months if China halts its plan for strict new export controls on rare-earth elements. The US and China have agreed to a series of 90-day truces since earlier this year, with the next deadline looming in November. Oil rose from a five-month low after Trump said Indian Prime Minister Narendra Modi had vowed to halt purchases of Russian barrels, a move that could squeeze global supply. Gold has risen more than 5% so far this week, extending a breakneck rally underway since mid-August. The buying spree has spread to other precious metals, with silver surging more than 3% on Wednesday as availability in the London market remained tight. In Japan, political tensions are ramping up as ruling party leader Sanae Takaichi called on the leaders of an Osaka-based opposition party to back her in a parliamentary vote to decide the prime minister expected next week. Australia’s dollar fell as a surge in the nation’s jobless rate raised the likelihood of a central bank rate cut next month. The Aussie dropped as much as 0.5% after the data showed the unemployment rate jumped to a four-year high. US After Hours HPE -9.4% on strategic overview and guidance; JBHT +11.2% higher on earnings; UAL -2.2% lower on earnings.
Nikkei +1.22% Hang Seng -0.81% CSI -0.05% Shanghai -0.10% Shenzen -0.72%
Eur$ 1.1655 CNH 7.1308 CNY 7.1269 JPY 151.13 GBP 1.3413 CHF 0.7962 RUB 78.2505 TRY 41.8425 WTI$ 58.79 +0.89% Gold 4,207 -- BTC 111,190 +0.01% ETH 4,003 +1.01%
S&P +0.02% Nasdaq +0.13% EuroStoxx -0.28% FTSE -0.31% Dax -0.16% SMI +0.52%
Macro :
- Underwater Car Loans Hit Four-Year High in New Sign of Distress
- Eisler Imposes 30% Bonus Cut on Traders Exiting Immediately
- Ex-Point72’s Oliver Briars Joins Hedge Fund LMR to Trade Stocks
- Rachel Reeves says higher taxes on wealthy ‘part of the story’ for November budget - The Guardian
Keep an eye on :
Keep an eye on :
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- META US : Arm, Meta Deepen AI Partnership
- MSFT US : Microsoft to Make Most New Products Outside China: Nikkei
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- SLIGR NA : Sligro 3Q Sales EU664M
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- UAL US : Candlestick’s Woodruff Calls 150% Surge in United Airlines Stock
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