Asian tech stocks rise as oil advances; South Korea’s Kospi up 2.8%
Sentiment towards technology stays buoyant with Nvidia-backed CoreWeave surging 16% in extended trading
Asian technology stocks surged on Tuesday as crude oil rose, despite strained negotiations over the Strait of Hormuz. Nvidia-backed CoreWeave led technology gains with a 16% jump in extended trading, buoyed by strong artificial intelligence spending. Super Micro Computer also rallied 7.6% after exceeding revenue forecasts. The MSCI Asia-Pacific equities index rose 0.4%, driven by South Korea's Kospi Index, which jumped 2.8%.
US equity-index futures showed little change. Financial markets remained cautious ahead of the US inflation data release, with geopolitical risks and Fed rate decisions weighing on sentiment. The yen held steady near 159.33 against the US dollar, while gold recovered from Tuesday's losses. The upcoming US CPI report may provide clarity for the Federal Open Market Committee's September interest rate decision.
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Also reported by 6 other outlets
- KRX activates buy-side sidecar for KOSPI on sharp rise koreatimes.co.kr
- TPG agrees $925m deal to acquire South Korea’s Lotte Rental privateequitywire.co.uk
- South Korea’s Kospi has staged a stunning comeback. How long will the bull market last? cnbc.com
- South Korea’s SK Shipping, H-Line swap tankers to create LNG giant straitstimes.com
- KRX activates buy-side sidecar for KOSPI on sharp rise en.yna.co.kr
- Asian stocks trade mixed amid Iran deal uncertainty; tech rally boosts KOSPI and China seekingalpha.com
