Most Asian stocks rise as calm returns after CoreWeave shock; Indonesia faces market downgrade

Asian markets experienced a rebound on Friday, following a significant sell-off the previous day. The shockwave began when investors pulled tech shares due to concerns about CoreWeave's debt, which raised doubts about the financing behind the AI boom. This led to a volatile market, with bond markets stabilizing and the dollar weakening against other currencies.

Gold and Brent crude prices also experienced minor fluctuations. In Indonesia, the equity benchmark dropped 11% after MSCI announced that the country's stock market would no longer be considered an emerging market, marking a major setback for the nation. The Indonesian rupiah weakened by 0.8% against the US dollar. US stock futures were down, with tech-focused Nasdaq futures falling 0.3% and S&P 500 futures decreasing by 0.1%.

Analysts noted that global markets were experiencing increased volatility due to upcoming earnings announcements, interest rate uncertainties, and various economic factors.