Asian stocks steady as AI, Middle East jitters recede

Asian shares and US equity futures began the week on a stable note on Monday (Nov 9), after a turbulent week during which concerns over computer chip demand triggered some of the biggest declines in years for tech-focused markets in Asia. The MSCI's Asia-Pacific index, excluding Japan, increased 0.8 percent after a 4.6 percent drop the previous week.

Japan's Nikkei index climbed 2.5 percent, while South Korean shares enjoyed slight gains. Taiwan's leading index rose about 2.5 percent after experiencing its most significant weekly decline in two decades, as worries about AI profitability and infrastructure demand sparked a market tumble following Democratic victories in the US midterm elections.

US stock futures, namely the S&P 500 e-minis, also saw a minor uptick. Following a frenzied week marred by heavy AI-related losses, equities on Wall Street rallied on Friday to conclude a chaotic period, helping to alleviate some market anxieties. Analysts caution that global markets remain vulnerable, citing upcoming earnings reports from tech giants like CoreWeave, Applied Materials, and Cisco Systems as well as an investigation by industry leader Nvidia into CEO Jensen Huang's ties to a suspected Chinese spy.