Asian stocks recover as chips rebound, oil falls

Anand Krishnamoorthy / Bloomberg07-21

Asian equities rose for the first time in four days, led by chipmakers, as investors looked to megacap earnings this week for clues on whether the AI-driven rally can be sustained. (July 21): Asian ...

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(July 21): Asian ...</p>\n\n<a href=\"https://www.theedgesingapore.com/news/highlight/conflict-rattles-stocks-bonds-oil-holds-gains?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"USL","symbol_name":"United States 12 Month Oil Fund LP","start_time":0,"source_url":"https://www.theedgesingapore.com/news/highlight/conflict-rattles-stocks-bonds-oil-holds-gains?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","article_id":"2653220323","we_media_id":null,"thumbnails":[],"rights":{"source":"edge_highlight","url":"https://www.theedgesingapore.com/news/highlight/conflict-rattles-stocks-bonds-oil-holds-gains?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2653220323","pubTimestamp":1784570299,"columns":[],"sourceInfo":{"source_id":"edge_highlight","name":"Edge"},"weMediaInfo":null,"summary":"Asian equities rose for the first time in four days, led by chipmakers, as investors looked to megacap earnings this week for clues on whether the AI-driven rally can be sustained. 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(July 21): Asian equities rose for the first time in four days, led by chipmakers, as investors looked to megacap earnings this week for clues on whether the artificial intelligence (AI)-driven rally can be sustained. Oil fell.\nThe MSCI Asia Pacific Index climbed 1.7%, with benchmark gauges in South Korea and Taiwan both gaining more than 2.5%. Chip giants Samsung Electronics Co and Taiwan Semiconductor Manufacturing Co were among the biggest contributors. Japan's Nikkei 225 Stock Average rose 2.2% as trading resumed after a holiday on Monday. Earlier, a gauge of US chip stocks rebounded from last week's sell-off.\nUS equity-index futures reversed earlier losses, with contracts for the Nasdaq 100 Index rising as much as 0.5%.\nAlso supporting sentiment was a pullback in oil. Brent crude fell 0.9% to about US$88.46 a barrel even as traders watched for disruptions to Saudi Arabian exports after Houthi rebels threatened to blockade an export route through the Red Sea. Worries that higher energy costs could boost inflation weighed on bonds Monday.\nElevated oil prices and escalating Middle East tensions are giving investors another reason for caution, adding to the rotation out of chipmakers' stocks after this year's blistering rally.\n\"The market has already undergone a fairly substantial correction,\" said Ikuo Mitsui, a fund manager at Aizawa Securities Co. \"At the same time, corporate earnings have held up reasonably well and have proved more resilient than expected.\"\nThis week brings the first results from the US megacaps, and pressure is building for the companies to justify AI investments. Tesla Inc and Alphabet Inc kick off big tech's reporting season Wednesday. Then, Microsoft Corp, Meta Platforms Inc, Apple Inc and Amazon.com Inc announce the following week.\nElsewhere, the Canadian dollar held steady after the Trump administration vowed to impose a fresh 50% tariff on some of the country's goods. Treasuries held their losses from Monday, while gold climbed 0.5% to trade around US$4,025 an ounce.\nThe pound held its losses from the previous session after UK's new prime minister Andy Burnham named former Defense Secretary John Healey to be his Chancellor of the Exchequer in a surprise move.\nUK gilts declined Monday after Burnham unnerved investors over his approach to the country's finances. The sell-off pushed yields on longer-maturity bonds to their highest since late May after Burnham said he will seek \"any flexibility\" while following the government's borrowing and spending rules.\nTariff concerns resurfaced after the Trump administration vowed to impose a fresh levy on some Canadian goods, citing what it called unfair treatment of American alcohol, cars and dairy products, further inflaming trade tensions between the two neighbours.\nIf Trump follows through with the levies, which are set to take effect in 30 days, the move would mark one of the most severe trade actions he's taken against the US's second-largest trading partner.\nAttention, however, remains firmly on the tech sector. For now, there's little evidence that the latest escalation in the Middle East will weaken economic growth, enough to change the pro-risk stance, BlackRock Investment Institute strategists led by Jean Boivin wrote in a note.\n\"The AI investment boom - an important driver of growth - and our preference for AI infrastructure remain intact despite recent volatility,\" the strategists wrote. \"Today's global economy is also far less oil-intensive than previous energy shocks, making it more resilient to higher energy prices.\"\nCorporate news:\n\nA federal judge temporarily paused Paramount Skydance Corp's US$110 billion ($142.01 billion) takeover of Warner Bros Discovery Inc saying it \"likely\" violates antitrust law.\nAlibaba Group Holding Ltd's e-commerce service was fined 550 million (US$629 million or $810.52 million) by the European Union for selling illegal products in the largest penalty under the bloc's content moderation rulebook.\nSome of the main moves in markets:\n\nStocks\n\nS&P 500 futures rose 0.2% as of 10.32am Tokyo time\nNikkei 225 futures (OSE) rose 2.4%\nJapan's Topix rose 1.8%\nAustralia's S&P/ASX 200 fell 0.3%\nHong Kong's Hang Seng rose 0.3%\nThe Shanghai Composite fell 0.2%\nEuro Stoxx 50 futures fell 0.4%\n\nCurrencies\n\nThe Bloomberg Dollar Spot Index was little changed\nThe euro was unchanged at US$1.1414\nThe Japanese yen was little changed at 162.49 per dollar\nThe offshore yuan was little changed at 6.7649 per dollar\n\nCryptocurrencies\n\nBitcoin was little changed at US$65,345.5\nEther rose 0.3% to US$1,909.97\n\nBonds\n\nThe yield on 10-year Treasuries was little changed at 4.59%\nJapan's 10-year yield advanced two basis points to 2.725%\nAustralia's 10-year yield was little changed at 4.97%\n\nCommodities\n\nWest Texas Intermediate crude fell 0.3% to US$82.98 a barrel\nSpot gold rose 0.5% to US$4,029.77 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":false,"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":"4.47.0","shortVersion":"4.47.0","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/2653220323","isCrawlerRequest":true}