Global Market: Asian stocks rise after US tech rally, oil drops

Asian stocks surged following a rally in chipmakers, which propelled the Nasdaq 100 Index to a record since June. Falling oil prices also helped buoy the market, as diplomatic efforts to end the conflict with Iran showed progress. MSCI’s Asia Pacific equity index rose 0.3%, marking a sixth consecutive day of gains. Japanese markets were closed for a holiday. Notable chip stocks like Samsung Electronics Co. and SK Hynix Inc. experienced gains.

Shopify Inc. experienced a significant jump of 7.1% after securing a partnership with Meta Platforms Inc. for its Muse AI agent. Worries over potential AI-driven margin erosion and fee reductions at financial brokerages triggered a sell-off in US financial stocks, impacting other key equity indexes.

Brent oil prices fell nearly 1% before recovering to trade around $99.10 a barrel. President Donald Trump reported a "very good" meeting with Iranian envoys, leading to renewed efforts to resolve the conflict. Gold and the Bloomberg dollar index maintained their gains from the previous session. Treasury cash trading was halted due to the Japan holiday.

The reassertion of technology stocks as market leaders was evident, with chipmakers continuing to drive gains. Investors are now focusing on geopolitical developments, hoping for further oil price declines and easing pressure on bond yields. Central bank officials' statements are being closely analyzed for insights into their policy trajectory following last week's quarter-point interest rate hike.