Global equities pushed to fresh records as investors continued to lean into the AI trade, with Asian shares rising 1.1% to an all-time high. The MSCI All Country World Index advanced 0.2%, while South Korea and Taiwan hit record highs alongside strength in chipmakers. Nasdaq 100 futures rose 0.6% after Nvidia entered the Windows laptop market, and SoftBank surged on optimism around its AI-linked investments.
The rally remains driven by strong enthusiasm for AI infrastructure, with chipmakers continuing to lead global markets despite wider geopolitical risks. The Philadelphia Semiconductor Index is on track for its best quarter ever, while names such as SK Hynix, Samsung, and Micron have delivered outsized gains this year. That said, the speed of the move is causing some to raise concerns that the AI trade may be becoming stretched, particularly around whether all the current investment will translate into long-term returns.
Oil also rose as the US–Iran ceasefire deal remained unresolved and efforts to reopen the Strait of Hormuz showed limited progress. Brent climbed above $93, pushing Treasury yields higher and reviving some concern around energy-driven inflation, while the dollar firmed after recent weakness. Gold slipped as yields rose, and Bitcoin edged lower.
On the data front, we have ECB CPI expectations as well as manufacturing data across the EU and the UK this morning, followed by further manufacturing data out of the US this afternoon.
• S&P 500 futures +0.3%
• Nasdaq 100 futures +0.6%
• US 10-year yield +3 bps to 4.46%
• Bitcoin −0.4% to $73,345
• Gold −0.4% to $4,522
• WTI +2.8% to $89.83
