Asian stocks rise after US tech rally, oil drops

Anand Krishnamoorthy / Bloomberg09-23

Asian stocks rose after a rally in chipmakers drove the Nasdaq 100 Index to its first record since June, while falling oil prices added support.(Sept 23): Asian stocks rose after a rally in chipmakers...

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Bellwether chip stocks such as Samsung Electronics Co and SK Hynix Inc climbed.\nEarlier, Shopify Inc jumped 7.1% after striking a partnership with Meta Platforms Inc for its new Muse AI agent. Concerns about how AI would erode margins and fees at financial brokerages spurred a sell-off in US financial stocks and dragged other key equity indices.\nElsewhere, Brent fell as much as 1% before paring its losses to trade around US$99.10 a barrel as President Donald Trump said US officials had a \"very good\" meeting with Iranian envoys as Washington renewed efforts to end the conflict. Gold and a Bloomberg gauge of the dollar held their gains from the previous session. There will be no cash trading in Treasuries due to the Japan holiday.\nTechnology stocks are reasserting their leadership in global markets, with chipmakers again emerging as a key source of gains. With the economic data calendar thin this week, further advances may hinge on whether diplomacy can push oil prices lower and ease pressure on bond yields. Investors are also looking to the summit between Trump and China's Xi Jinping for signs of progress on trade and other economic disputes.\n\"Focus will stay on geopolitics, and if there's any confirmation of progress towards a ceasefire between the US and Iran, look for oil and yields to fall further and for stocks to rally,\" said Tom Essaye at The Sevens Report.\nChipmakers surged at the start of the week amid early signs of success for Meta's AI agent. Still, shares in several Asian consumer-facing industries, including major banks, insurers and online travel stocks, may come under pressure, after fears that Meta's Muse may upset businesses relying on so-called consumer inertia.\nConsumer inertia is the tendency to keep buying something out of habit even when better alternatives exist.\n\"For now, semiconductors and memory remain at the centre of the equity conversation,\" Chris Weston, head of research at Pepperstone Group Ltd, wrote in a note.\nCrude oil remains another key focus area for markets as Saudi Arabia moved to restart a key pipeline and the US flagged progress in talks with Iran to end a war that's rocked supplies from the Middle East.\nInvestors are also parsing commentary from Federal Reserve (Fed) officials for clues on the rate path after last week's quarter-point hike. \nRichmond Fed president Tom Barkin warned inflationary shocks could take time to fade, while Boston's Susan Collins backed the increase and St Louis Fed president Alberto Musalem said further hikes may be needed.\n\"Central banks face a potentially difficult trade-off: The fight against inflation has in many countries not yet been won, and policy rates that are too low risk unanchoring inflation expectations and pushing long-term yields higher,\" Daniel Bergvall, head of economic forecasting at Skandinaviska Enskilda Banken AB, wrote in a report.\nCorporate highlights:\n\nAnthropic PBC is releasing a new artificial-intelligence model that's meant to field a wide range of business tasks at a lower cost, part of the startup's bid to keep ahead of rivals while it prepares for a highly anticipated Wall Street debut.\nApple Inc is developing a screenless health and fitness tracker similar to Whoop Inc's wrist-worn device, part of an effort to rethink its smartwatch lineup and add new wearable technologies.\n\nSome of the main moves in markets:\nStocks\n\nS&P 500 futures were little changed as of 9.50am Tokyo time\nHang Seng futures rose 0.3%\nAustralia's S&P/ASX 200 rose 0.1%\nEuro Stoxx 50 futures rose 0.3%\n\nCurrencies\n\nThe Bloomberg Dollar Spot Index was little changed\nThe euro was little changed at US$1.1448\nThe Japanese yen was little changed at 157.51 per dollar\nThe offshore yuan was little changed at 6.6962 per dollar\nThe Australian dollar was unchanged at US$0.7115\n\nCryptocurrencies\n\nBitcoin rose 0.2% to US$86,469.14\nEther rose 0.3% to US$2,760.34\n\nBonds\n\nAustralia's 10-year yield declined four basis points to 5.26%\n\nCommodities\n\nWest Texas Intermediate crude fell 0.5% to US$90.11 a barrel\nSpot gold was little changed\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":"4.50.1","shortVersion":"4.50.1","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/2669899481","isCrawlerRequest":true}