Asian stocks advanced Tuesday to defy a mixed day on Wall Street as speculation gained that the tech sector rally may be running out of steam. Shares in Japan outperformed the region, climbing as much as 1.7%. Contracts for US equities edged higher in Asian trading after various US non-tech sectors climbed on Monday. Meanwhile, Nvidia, the chipmaker at the heart of the artificial-intelligence revolution, extended a three-day rout of about $430 billion — crossing the technical threshold of a correction. In Asia, investors were seen to be rotating out of the technology sector into other parts of the market. They snatched up value stocks in Japan, such as financials, on growing expectation the nation’s central bank will tighten its policy.
Among currencies, the yen strengthened, but still hovered not far from the weakest level in about 34 years. The top currency official had warned that authorities stood ready to intervene if necessary, while some traders see the potential for the yen to slump as far as 170 per dollar. The greenback dipped against most of its Group-of-10 peers as Treasuries steadied in Asian trading. Chinese machinery stocks rose after President Xi Jinping urged scientists and researchers to enhance technological innovation with a greater sense of urgency, citing the dominance of other countries in certain key technologies. Speaking at the World Economic Forum, Premier Li Qiang warned of negative consequences if nations parted ways economically, while hitting back at criticism that his nation’s industrial policy has led to overcapacity. In other news, the US is investigating China Mobile, China Telecom and China Unicom over concerns the firms could exploit access to American data through their US cloud and internet businesses by providing it to Beijing, Reuters reports, citing three unidentified people familiar with the matter. Following a tech-led rally, Deutsche Bank’s Binky Chadha said US equities are set to pause. There’s a lot of good news baked into markets, and if that optimism proves unjustified, there could be downside risks, Lori Calvasina at RBC Capital Markets noted. To John Stoltzfus at Oppenheimer, while the bull market appears sustainable, some profit-taking should be expected. In commodities, oil held gains as investors weighed the potential fallout from rising geopolitical tensions. Gold edged lower after closing higher in the previous session on a weaker US dollar, which boosted the appeal of commodities. Copper rose as investors mulled prospects for potential stimulus in China following weak fiscal revenue data. Bitcoin rebounded after falling Monday. Losses are piling up in the crypto market after its second-worst weekly decline of 2024, a reflection of cooling demand for Bitcoin exchange-traded funds and uncertainty over monetary policy. US After Hours POOL -11.2% sinks on new guidance; SEDG -13.5% drops on convertible notes offering.
Nikkei +0.74% Hang Seng +0.61% CSI -0.05% Shanghai +0.08% Shenzen +0.23%
Eur$ 1.0742 CNH 7.2810 CNY 7.2597 JPY 159.39 GBP 1.2696 CHF 0.8918 RUB 88.00 TRY 32.9331 WTI$ 81.74 +0.13% Gold 2,326 -0.37% BTC 61,008 +2.58% ETH 3,377 +2.02%
S&P +0.14% Nasdaq +0.29% EuroStoxx -0.38% FTSE +0.04% Dax -0.67% SMI -0.20%
Macro :
- Crypto to Get Election Boost as GOP Backs Blockchain: Bernstein
Keep an eye on :
- AGN NA : Aegon Sees UK IFRS Op. Result ~£190M in 2028 vs ~£165M in 2024
- AI FP : Air Liquide to Put $850m in Exxon’s Low-Carbon Hydrogen Project
- Anduril : Thiel-Backed Defense Startup Gets Funding at $14 Billion Value
- BAS GY : BASF to Exit $2.6 Billion Nickel Smelter Project in Indonesia
- BIRK US : L Catterton, Employees to Sell 14 Million Birkenstock Shares
- ALCAR FP : Carmat Appoints Pierre Bastid as Chairman
- DIOS SS : Dios Fastigheter Divests Properties for SEK452m
- DD US : DuPont’s Water Unit Said to Draw Interest From Potential Buyers
- ERA FP : Eramet and BASF Decide Against Joint Indonesia Investment
- ERF FP : Eurofins Says It’s Confident in Integrity of Its Accounts
- GIG NO : SkyCity Agrees to Sell Stake in Gaming Innovation Group
- GIMB BB : Gimv to Buy Belfius’ Shares in TINC for €11.77 Apiece
- GVOLT PL : Greenvolt 1Q Ebitda EU18.7M Vs. EU23.8M Y/y
- HL/ LN : Hargreaves Holder Lancaster Investment ‘Unconvinced’ on Offer
- HL/ LN : Hargreaves Holder Lancaster Investment ‘Unconvinced’ on Offer
- HBH GY : Hornbach Holding 1Q Sales EU1.81B Vs. EU1.77B Y/y
- LDO IM : Leonardo to Temporarily Shut Grottaglie Site on Lower 787 Demand
- LDO IM : Leonardo to Temporarily Shut Grottaglie Site on Lower 787 Demand
- MBTN SW : Meyer Burger Working on Binding Agreements With US Partner
- MRK GY : Merck KGaA Discontinues Phase 3 Xevinapant Trials in Cancer
- NOVOB DC : Ozempic Maker Novo Nordisk Plans Another $4.1 Billion US Factory
- NOVOB DC : Pfizer Testing Three New Weight-Loss Drugs: Semafor
- ROG SW : Roche’s Gets EU’s Marketing Authorisation For Ocrevus SC For MS
- SU FP : Schneider Electric Offers 2031 Convertibles, Buys Back 2026 Ones
- SPR US : Boeing Bid for Spirit Aero Values 737 Supplier at $35 Per Share
- TRI FP : Trigano 3Q Revenue EU1.15B Vs. EU1.03B Y/y
- ZURN SW : Zurich Insurance Adding 600 People in India Following Kotak Deal