Market Summary
Asian Chip Stocks Extend Gains as AI Trade Remains in Focus: Asian chip stocks extended their recent gains amid sustained investor interest in the artificial intelligence trade. South Korea’s KOSPI climbed 1.3%, led higher by SK Hynix and Samsung Electronics. The KOSPI has surged 67% this year, making it the world’s best-performing major stock index. The advance follows a 1.3% gain in the Philadelphia Semiconductor Index on Tuesday, while Nasdaq futures are up approximately 0.17% this morning.
Oil Nears $100 as Middle East Hostilities Escalate: Brent crude jumped by as much as 1.8% to $99.68 a barrel and is currently trading at around $98.90 after the US struck Iranian tankers near the vital crude-export hub of Kharg Island. The attacks have heightened concerns about deeper disruptions to shipping through the Strait of Hormuz. Brent is now up more than 60% this year and is approaching $100 a barrel for the first time since July. Renewed attacks on energy infrastructure risk keeping oil prices elevated while complicating the outlook for inflation and interest rates.
Yen Strengthens for Third Day as Bessent Presses for Stronger Currency: The yen strengthened for a third consecutive day, advancing 0.4% to 153.40 per dollar after US Treasury Secretary Scott Bessent challenged traders to counter his efforts to strengthen Japan’s currency. Bessent also outlined his expectations for the Bank of Japan’s policy path, adding further momentum to the yen’s recent gains.
US Yields Edge Higher While Gold Rebounds: The US 10-year Treasury yield rose by one basis point to 4.80%. Gold gained around 0.9% this morning to $4,393 an ounce, bouncing from its 100-day moving average as a weaker dollar offset concerns that higher oil prices could accelerate inflation.
Economic Calendar
- US MBA Mortgage Applications
- France Industrial Production
- Mexico CPI
- Greece CPI
Key Market Moves Today
- S&P 500 Futures: +0.13% (7,691.0)
- US 10-Year Yield: +1.0 bps (4.80%)
- Brent Crude: +1.07% ($98.90)
- Bitcoin: +0.35% ($78,756)
- Spot Gold: +0.90% ($4,402)
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