Asian Stocks Gain After US Rally, Bonds Edge Down: Markets Wrap
(Bloomberg) — Asian stocks were set to open higher after a tech-led rally pushed the S&P 500 index near a record as investors largely shrugged off concerns about bond yields at multi-decade highs. US oil prices extended declines.
Equity-index futures for Japan, South Korea, Australia and Taiwan all pointed to gains. Futures for the Nasdaq 100 rose 0.2% after the underlying contract closed at a record, while the S&P 500 contract edged higher in early Asian trading after a rally in Nvidia Corp. and Microsoft Corp. shares helped it close near an all-time high.
Government bonds in Australia and New Zealand fell early Tuesday, after longer-dated Treasury yields climbed. The euro fell to its weakest since May on Monday amid mounting political upheaval in Europe and fiscal worries, with a gauge of dollar strength closing marginally higher.
Stock markets have largely looked through the prospect of higher interest rates, elevated energy costs and renewed inflation concerns that have sent global bond yields soaring. Instead, investors have focused on strong earnings, resilient consumer spending and surging artificial intelligence-related investment to drive benchmarks higher.
“Relative equity-market calm amid the bond market’s ‘perfect storm’ is understandable, given accelerating economic growth and the AI boom’s rate insensitivity,” said Lisa Shalett at Morgan Stanley Wealth Management.
Still, market breadth remains one of the biggest concerns for investors. The percentage of stocks trading above their 10-, 50- and 200-day moving averages dropped to levels last seen in March.
“We need to see interest rates and oil to come down, but at this point of time it’s not happening and the market internals are getting worse,” said Craig Johnson, chief market technician at Piper Sandler. “That’s going to be a headwind for the market.”
Elsewhere, US oil held a two-day loss and traded below $90 a barrel after Brent closed around $100. US President Donald Trump is preparing to ease limits restricting the use of a tax-exempt variety of diesel, his latest bid to pare costs for the essential fuel.
Corporate Highlights:
OpenAI is in talks with multiple investment funds from the United Arab Emirates, including Abu Dhabi-based MGX, to help anchor a $30 billion round of financing for the ChatGPT maker, according to people familiar with the matter. DayOne Data Centers Ltd. filed for a US initial public offering, setting the Singapore-headquartered firm up to capture investors’ resilient demand for artificial intelligence infrastructure. Nvidia Corp. partner Hon Hai Precision Industry Co. reported better-than-expected quarterly revenue, signaling sustained and elevated spending on global AI infrastructure. Toyota Motor Corp. is counting on a new Land Cruiser, the smallest in its lineup, to defend its foothold in Asia as China’s automakers rapidly expand across the region. Some of the main moves in markets:
Stocks
S&P 500 futures rose 0.1% as of 7:04 a.m. Tokyo time Hang Seng futures rose 1% S&P/ASX 200 futures rose 0.3% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was unchanged at $1.1223 The Japanese yen was little changed at 157.84 per dollar The offshore yuan was little changed at 6.7035 per dollar Cryptocurrencies
Bitcoin rose 0.2% to $85,980.39 Ether rose 0.3% to $2,720.23 Bonds
Australia’s 10-year yield advanced six basis points to 5.39% Commodities
West Texas Intermediate crude fell 0.2% to $89.26 a barrel Spot gold was little changed This story was produced with the assistance of Bloomberg Automation.
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