South Korea’s Kospi drags Asian stocks lower after Wall Street rally, oil gains
MSCI’s Asia Pacific equities gauge slips 0.1% as the S&P 500 and Nasdaq 100 indices notch records
Asian stocks slipped on Wednesday (Oct 7), contrasting a record-setting rally on Wall Street as South Korean equities struggled and crude oil surged. The MSCI’s Asia Pacific equities gauge tumbled 0.1 percent, while South Korea’s Kospi Index dropped about 1 percent. Japan's Topix Index gained 0.3 percent. S&P 500 and Nasdaq 100 futures increased by 0.1 percent at 9.11 am Tokyo time.
The S&P 500 and Nasdaq 100 indices closed at record highs, driven by artificial intelligence-related share gains, particularly Nvidia's market value nearing US$6 trillion. Brent crude oil rose 0.8 percent to over US$101 a barrel as traders balanced rising flows through the Strait of Hormuz with potential Iranian attacks on vessels.
Despite strong economic data and positive earnings revisions, global stocks are near record highs as investors anticipate stronger profits from AI-related spending by tech giants. However, unresolved macro issues like elevated oil prices, high bond yields, and currency market fluctuations continue to draw attention.
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