Asian Chip Shares Advance, Crude Oil Nears $100: Markets Wrap

(Bloomberg) — Asian chip stocks extended their recent gains on sustained investor interest in the artificial-intelligence trade. Escalating hostilities in the Middle East pushed Brent crude toward $100 a barrel.

South Korea’s Kospi climbed 1.3%, led higher by the nation’s two giant chipmakers, SK Hynix Inc. and Samsung Electronics Co. The advance came after the Philadelphia Semiconductor Index, or SOX, rose 1.3% on Tuesday. The broad MSCI Asia Pacific Index gained 0.4%, with the information-technology sector making the biggest contribution. US stock futures also rose, while European ones declined.

Brent jumped as much as 1.8% to $99.68 a barrel after the US struck Iranian tankers near the vital crude-export hub of Kharg Island, stoking fears of deeper disruptions in the Strait of Hormuz. The global crude benchmark is up more than 60% this year and is closing in on the $100-a-barrel mark for the first time since July.

Renewed attacks on energy infrastructure stemming from the war between Iran and the US risk keeping oil prices elevated and complicating the outlook for inflation and interest rates. Investors will be watching to see whether the latest escalation further disrupts supplies, with Friday’s US consumer-price index data set to provide the next major test of expectations for a Federal Reserve rate increase at its Sept. 15-16 meeting.

Asian semiconductor manufacturers extended their rally on optimism that they will be among the biggest beneficiaries of the rollout of AI technology worldwide. South Korea’s Kospi has surged 67% this year, making it the world’s best-performing major stock index.

“The demand for AI is robust, and it doesn’t matter if the Fed hikes or not,” said Jung In Yun, chief executive officer at Fibonacci Asset Management Global in Singapore. “The earnings prospect is overwhelming the rate-hike fear.”

Oil was also boosted after Tehran responded to the US strikes by firing missiles at Jordan and warning ships in the Persian Gulf. All tanker crews near piers in Kuwait and Bahrain should “immediately abandon their vessels, whether at anchor or docked, as they will be targeted,” Iran’s state television reported, citing the Islamic Revolutionary Guard Corps.

For oil prices, “the path of least resistance is a strong and steady grind higher,” said Darrell Fletcher, managing director for commodities at Bannockburn Capital Markets. “The fundamental picture for products remains bullish, with global inventories and reserves deteriorating. In the typical pattern, the US and Iran continue their counterattacks and warnings.”

Elsewhere, the yen strengthened for a third day after US Treasury Secretary Scott Bessent challenged traders to counter his efforts to strengthen Japan’s currency, saying when he makes market calls these days he’s effectively doing so with inside information.

The yen advanced 0.4% to 153.40 per dollar, while Bloomberg’s gauge of the greenback slipped 0.1%.

Treasuries edged lower, with the yield on the US 10-year note climbing one basis point to 4.80%. Gold gained 0.9% to $4,393 an ounce as the weakening dollar offset concern that inflation will quicken.

In trade news, the US moved to ban some Canadian alcoholic beverages, dairy products and motorcycles, according to officials. Meanwhile, the European Union and Canada are pursuing a broader partnership spanning trade and security as they seek to counterbalance the global influence of the US and China.

After a stronger-than-forecast US payroll report last week, attention is turning to Friday’s inflation data for clues about future Fed policy.

Economists expect CPI to have risen 0.4% in August, accelerating from a month earlier partly because of higher gasoline costs. Excluding volatile food and energy components, core CPI is projected to have increased a more moderate 0.2%, according to the median estimate in a Bloomberg survey.

That would bring the annual measure of underlying inflation down to 2.4%, the smallest year-over-year increase since 2021.

“Brace for a turbulent week, with inflation data set to swing market expectations for a Fed hold or hike next week – with knock-on effects on wider asset markets,” Evercore ISI strategist Krishna Guha wrote in a Tuesday note.

Corporate Highlights:

Kioxia Holdings Corp.’s top executive brushed aside the likelihood of deeper ties with rival and stakeholder SK Hynix Inc., while pledging to keep surging memory prices at bay to avoid denting long-term AI demand. Meta Platforms Inc. unveiled a new artificial-intelligence agent designed to carry out tasks on a user’s behalf, advancing Mark Zuckerberg’s vision of a future where people each have a personalized AI assistant. Qualcomm Inc. signed up Amazon.com Inc. as a data center chip customer and investor, scoring a major win in its bid to benefit from soaring AI spending. ASML Holding NV has won commitments from top chipmakers to use its latest semiconductor production gear, while embarking on a broader agreement to meet surging demand for more powerful AI technology. Apple Inc. is set to debut a roughly $2,000 foldable iPhone Duo on Wednesday as part of a wide-ranging product event, which kicks off at 10 a.m. local time from Cupertino, California. Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 6:50 a.m. London time Nasdaq 100 futures rose 0.2% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 0.3% The MSCI Emerging Markets Index rose 0.3% Currencies

The Bloomberg Dollar Spot Index fell 0.1% The euro was little changed at $1.1634 The Japanese yen rose 0.4% to 153.39 per dollar The offshore yuan was little changed at 6.7052 per dollar The British pound was little changed at $1.3550 Cryptocurrencies

Bitcoin rose 0.5% to $78,847.07 Ether rose 0.4% to $2,492.8 Bonds

The yield on 10-year Treasuries was little changed at 4.79% Germany’s 10-year yield declined two basis points to 3.37% Britain’s 10-year yield was little changed at 5.17% Commodities

Brent crude rose 1% to $98.94 a barrel Spot gold rose 0.9% to $4,396.35 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Bingyan Wang and Winnie Hsu.

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