Asian chip stocks extended their recent gains on sustained investor interest in the artificial-intelligence trade. Escalating hostilities in the Middle East pushed Brent crude toward $100 a barrel. South Korea’s Kospi climbed 1.5%, led by gains in the nation’s two chip giants, SK Hynix Inc. and Samsung Electronics Co. The advance came after the Philadelphia Semiconductor Index, known as the SOX, rose 1.3% in US trading on Tuesday. The broad MSCI Asia Pacific Index gained 0.6%, with the information technology sector making the biggest contribution. Brent jumped as much as 1.8% to $99.68 a barrel after the US struck Iranian tankers near the vital crude-export hub of Kharg Island, stoking fears of deeper disruptions in the Strait of Hormuz. The global crude benchmark is up more than 60% this year and is closing in on the $100-a-barrel mark for the first time since July. Renewed attacks on energy infrastructure stemming from the war between Iran and the US risk keeping oil prices elevated and complicating the outlook for inflation and interest rates. Investors will be watching to see whether the latest escalation further disrupts supplies, with Friday’s US consumer-price report set to provide the next major test of expectations for a Federal Reserve rate increase at its Sept. 15-16 meeting. Asian semiconductor manufacturers extended their rally on optimism that they will be among the biggest beneficiaries of the rollout of AI technology worldwide. South Korea’s Kospi has risen 67% this year, making it the world’s best-performing major stock index. Oil was also boosted after Tehran responded to the US strikes by firing missiles at Jordan and warning ships in the Persian Gulf. All tanker crews near piers in Kuwait and Bahrain should “immediately abandon their vessels, whether at anchor or docked, as they will be targeted,” Iran’s state television reported, citing the Islamic Revolutionary Guard Corps. For oil prices, “the path of least resistance is a strong and steady grind higher,” said Darrell Fletcher, managing director for commodities at Bannockburn Capital Markets. “The fundamental picture for products remains bullish, with global inventories and reserves deteriorating. In the typical pattern, the US and Iran continue their counterattacks and warnings.” Elsewhere, the yen strengthened for a third day after US Treasury Secretary Scott Bessent challenged traders to counter his efforts to strengthen Japan’s currency, saying when he makes market calls these days he’s effectively doing so with inside information. The yen advanced 0.3% to 153.47 per dollar, while Bloomberg’s gauge of the greenback slipped 0.1%. Treasuries edged lower, with the yield on the US 10-year note climbing one basis point to 4.80%. In trade news, the US moved to ban some Canadian alcoholic beverages, dairy products and motorcycles, according to officials. Meanwhile, the European Union and Canada are pursuing a broader partnership spanning trade and security as they seek to counterbalance the global influence of the US and China. After a stronger-than-forecast US employment report last week, attention is turning to Friday’s inflation data for clues about future Fed policy. Economists expect CPI to have risen 0.4% in August, accelerating from a month earlier partly because of higher gasoline costs. Excluding volatile food and energy components, core CPI is projected to have increased a more moderate 0.2%, according to the median estimate in a Bloomberg survey. That would bring the annual measure of underlying inflation down to 2.4%, the smallest year-over-year increase since 2021. US After Hours INNV +13.1%, AVO +5.8% higher on earnings; CHYM +10.2% higher on Stride Bank acquisition and guidance; TTAN -21%, BRZE -13.2% and CASY -9.9% under pressure after earnings.
Nikkei -0.33% Hang Seng -0.35% CSI -0.12% Kospi +1.60% Shanghai -0.06% Shenzen -0.56%
Eur$ 1.1635 CNH 6.7051 CNY 6.7081 JPY 153.35 GBP 1.3553 CHF 0.8084 RUB 86.0071 TRY 48.4755 WTI$ 93.95 +0.96% Gold 4,387 -0.13% BTC 79,151 +0.62% ETH 2,504 +0.51%
S&P +0.13% Nasdaq +0.22% EuroStoxx -0.40% FTSE -0.37% Dax -0.47% SMI -0.69%
Macro :
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Keep an eye on :
Keep an eye on :
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