Asian Chip Stocks Set for Gains, Brent Nears $100: Markets Wrap

(Bloomberg) — Asian chip stocks were set for a higher open on sustained investor interest in the artificial intelligence trade, while the broader market was expected to come under pressure from escalating Middle East hostilities that sent Brent crude close to $100 a barrel.

Equity-index futures for South Korea pointed higher after the Philadelphia Semiconductor Index, known as the SOX, gained 1.3% in New York. Contracts for Japan indicated losses. US stock futures were little changed after the S&P 500 and Nasdaq 100 fell on Tuesday as trading resumed following a public holiday.

US crude rose more than 1% in early Asian trading, while Brent hovered near $100 a barrel after climbing to the highest since July. The advance followed another round of strikes on Middle East energy infrastructure, including US attacks near the key export hub of Kharg Island. Short-term Treasury yields rose, while money markets priced in a more than 50% chance of a Federal Reserve interest-rate increase this month.

With the Iran war now in its seventh month, renewed attacks on energy infrastructure risk keeping oil prices elevated and complicating the outlook for inflation and interest rates. Investors will be watching whether the latest escalation disrupts supplies further, with Friday’s US consumer-price report set to provide the next major test of expectations for a Fed rate increase at its Sept. 15-16 meeting

“With geopolitical tensions and oil prices on the rise, the markets may find it difficult to focus on much beyond the inflation discussion,” said Chris Larkin at E*Trade from Morgan Stanley.

While the US says it has largely shifted its attention toward economic pressure on Iran, repeated outbreaks of violence have kept the conflict simmering.

Earlier, Iran’s semi-official Tasnim news agency reported that a US missile had hit an Iranian tanker off the coast of Kharg. All tanker crews near Kuwaiti and Bahraini piers should “immediately abandon their vessels, whether at anchor or docked, as they will be targeted,” Iran’s state TV reported, citing an Islamic Revolutionary Guard Corps statement.

In trade news, the US moved to ban some Canadian dairy and auto imports, according to officials. Meanwhile, the European Union and Canada are pursuing a broader partnership spanning trade and security as they seek to counterbalance US and Chinese global influence.

Elsewhere, the yen rose for a third day Wednesday to around 153.55 per dollar after US Treasury Secretary Scott Bessent said he has “good insight” into what the Bank of Japan will do with the currency. Bloomberg’s dollar gauge slipped 0.1%.

After a stronger-than-forecast US employment report last week, attention is turning to CPI data due Friday for clues on future Fed policy.

Economists expect the consumer price index 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:

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. Intel Corp. climbed after a report from DigiTimes that the company is expected to raise prices. Separately, Northland Securities upgraded the chipmaker to outperform, citing turnaround progress. 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. Boston Scientific Corp. and Stryker Corp. fell after the medical device companies said they are dealing with the repercussions of separate cyber attacks that curtailed their ability to get products to customers and dented sales, with damage that could last for months.

Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 8:27 a.m. Tokyo time Hang Seng futures rose 0.2% S&P/ASX 200 futures rose 0.2% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1627 The Japanese yen rose 0.3% to 153.54 per dollar The offshore yuan was little changed at 6.7053 per dollar Cryptocurrencies

Bitcoin was little changed at $78,440.92 Ether was little changed at $2,483.29 Commodities

West Texas Intermediate crude rose 1.4% to $94.34 a barrel Spot gold was little changed This story was produced with the assistance of Bloomberg Automation.

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