Seoul shares open higher amid revived AI hopes

Seoul's stock market opened higher on Tuesday, driven by gains in semiconductor companies. This rise came as Middle Eastern tensions escalated, prompting a spike in oil prices. The core KOSPI index climbed 50.40 points, or 0.72%, reaching 7,045.79 at the opening. A day earlier, the index soared by over 4% following a surge in tech stocks, fueled by renewed optimism surrounding artificial intelligence.

The U.S. markets were on a break for Labor Day on September 7 (U.S. time). Energy price hikes are sparking inflation worries, with investors keenly observing the Federal Reserve's potential rate decisions. Additionally, they are eagerly anticipating Friday's inflation report, which could provide insights into the central bank's rate trajectory.

Iran announced a pending agreement with Oman to regulate shipping through the Strait of Hormuz, while simultaneously cautioning that vessels could face potential attacks off the Omani coast.