Asian stocks ride tech wave higher, oil stays subdued
Signs of strong demand for AI apps continue to lift tech stocks, while oil prices falter on reports of of increased supply out of the Middle East.
Asian stocks rallied on Wednesday, propelled by optimism surrounding artificial intelligence (AI) and subdued oil prices. South Korean stocks surged 1.2%, led by Samsung and SK Hynix, which both rose over 2%. Taiwan's market also hit near all-time highs, climbing 0.9%. The MSCI Asia-Pacific index outside Japan gained 0.7% for its sixth consecutive day of gains. Chinese blue chips remained relatively unchanged.
The surge in AI-related stocks was driven by Meta's popular "Muse" AI agent, which secured top spots on US app download charts. Google's upcoming "CC" product was also garnering attention. On Wall Street, S&P 500 and Nasdaq futures remained steady, while European markets saw slight gains across the board. Treasury yields stayed below the 5.0% threshold, but two-year yields rose to 4.7879%, reflecting the risk of further Federal Reserve tightening.
The dollar strengthened against major currencies, including the Euro and Canadian Dollar, as investors anticipated higher interest rates.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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