Asian stocks retreat from record on tech, oil dips

Anand Krishnamoorthy / Bloomberg06-04

Asian stocks fell alongside US equity-index futures as the AI-fuelled rally that powered global equities to record highs lost momentum after a weak forecast from chipmaker Broadcom Inc.(June 4): Asian...

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South Korea’s Kospi, a bellwether for AI investments and the world’s best-performing gauge this year, fell 1.1%. Nasdaq 100 futures retreated 0.4% as Broadcom tumbled 14% in extended trading after its outlook failed to impress investors.\nAsian losses followed a pullback on Wall Street, where the S&P 500 snapped a nine-day winning streak as renewed US-Iran clashes damped risk appetite. Elsewhere, bitcoin slid below US$63,000 ($80,834.98), the lowest level since early February.\nSome relief emerged early Thursday after the US announced a ceasefire between Israel and Lebanon, helping Brent crude halt a three-day rally and fall over 1% to trade near US$96.50 a barrel. The Bloomberg gauge of the dollar also edged lower, while gold rose 0.8% to about US$4,470 an ounce on expectations the ceasefire would be a step toward resolving the wider Middle East conflict.\nBroadcom’s disappointing outlook is testing the durability of the AI rally that has driven global equities, especially semiconductor stocks, to record highs. At the same time, renewed geopolitical tensions and persistent concerns about higher-for-longer interest rates are also weighing on sentiment.\n“For Asia, this may serve as a reminder for investors to pocket in some of the lofty profits they have made this year as there are some uncertainties regarding the future demand for AI chips,” said Fabien Yip, market analyst at IG International. \nThe rally in AI stocks paused on Wednesday as the risk-on mood started to dissipate. UBS Group AG’s basket of AI winners fell 1.4%, snapping a four-session winning streak.\nSome investors also warned that the booming AI market is showing signs of a bubble that will eventually burst.\n“All great technology changes produce bubbles,” billionaire investor Ray Dalio, the founder of Bridgewater Associates, said in a Bloomberg Television interview Wednesday.\nElevated oil prices and signs of resilience in the US labour market sent Treasuries lower Wednesday, as traders increased bets that the Federal Reserve’s next move will be to raise interest rates. Bonds gave up some of those losses early Thursday with the Treasury 10-year yield falling one basis point to 4.48%.\nIn Asia, the yen hovered near the 160-per-dollar level after comments from Bank of Japan Governor Kazuo Ueda that make an interest rate hike this month sound likely but not certain.\nMeanwhile, data showed US companies added the most jobs since January 2025, suggesting hiring momentum remains intact despite higher energy costs. If confirmed by Friday’s payrolls report, the figures may reinforce expectations that the Fed is more likely to raise rates in the months ahead.\nInvestors will get another read on the labour market on Thursday with weekly jobless claims, ahead of the government’s monthly employment report on Friday.\nFed Bank of Dallas President Lorie Logan said policymakers may need to raise rates later this year to bring inflation back to target. Separately, New York Fed President John Williams told Yahoo Finance that the outlook for rates remains uncertain.\n“If incoming US data continue to surprise positively, investors may increasingly express a more hawkish Fed view through renewed dollar strength, particularly against lower- and zero-yielding currencies and commodities like the Japanese yen and gold,” said Fawad Razaqzada at Forex.com.\nCorporate highlights:\n\nAlphabet Inc upsized its equity raise to US$84.75 billion from the US$80 billion it announced just two days earlier in a bid to help fund growing AI spending plans.\nMeta Platforms Inc is selling businesses access to an AI agent for the first time, its latest effort to generate revenue to offset the company’s hefty investments.\nSpaceX is planning to offer shares at US$135 apiece to raise US$75 billion in its initial public offering, according to people familiar with the matter, as Elon Musk rejects another Wall Street convention by setting a fixed price ahead of the marketing phase of the deal.\n\nSome of the main moves in markets:\nStocks\n\nS&P 500 futures fell 0.3% as of 10.36am Tokyo time\nJapan’s Topix fell 1.2%\nAustralia’s S&P/ASX 200 fell 1.1%\nHong Kong’s Hang Seng fell 0.9%\nThe Shanghai Composite fell 0.4%\nEuro Stoxx 50 futures fell 0.3%\n\nCurrencies\n\nThe Bloomberg Dollar Spot Index was little changed\nThe euro rose 0.1% to US$1.1610\nThe Japanese yen rose 0.1% to 159.88 per dollar\nThe offshore yuan was little changed at 6.7762 per dollar\nThe Australian dollar was little changed at US$0.7136\n\nCryptocurrencies\n\nBitcoin fell 3.1% to US$62,917.45\nEther rose 0.2% to US$1,782.6\n\nBonds\n\nThe yield on 10-year Treasuries declined two basis points to 4.48%\nJapan’s 10-year yield advanced one basis point to 2.650%\nAustralia’s 10-year yield was little changed at 4.91%\n\nCommodities\n\nWest Texas Intermediate crude fell 1.1% to US$94.96 a barrel\nSpot gold rose 0.7% to US$4,466.75 an ounce\n\nUploaded by Chng Shear Lane","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2640163853","isCrawlerRequest":true}