Asian Stocks Rise on Tech, Treasuries Pare Gains: Markets Wrap

(Bloomberg) — Asian equities rose as dip buyers stepped in following a chip-stock selloff fueled by renewed concerns about the artificial intelligence trade. Treasuries pared this week’s gains.

MSCI Inc.’s Asia Pacific equities gauge climbed 1.3%, with about three shares advancing for every one that declined.

Samsung Electronics Co. and SK Hynix Inc. both advanced more than 2% as the chip selloff eased. That helped South Korea’s Kospi Index rise 2.9% rebounding from Thursday’s slump that sent the gauge to its lowest close since April. Taiwan Semiconductor Manufacturing Co.’s stock edged lower as its upbeat outlook failed to quell concerns about the AI buildout.

Indonesian stocks slumped as much as 11%, the most since January 1998, after MSCI Inc. said the country no longer merits emerging-market status. The rupiah also edged lower.

Treasuries fell across the curve after rallying Thursday on haven demand driven by this week’s sharp swings in global stocks and credit markets. The yield on the benchmark 10-year note climbed one basis point to 5.07%, with traders awaiting comments from Kevin Warsh. The Federal Reserve chair is set to join IMF Managing Director Kristalina Georgieva for a fireside chat in Bangkok on Friday.

The durability of the equity rebound may depend on whether gains spread beyond the technology heavyweights that have driven much of this year’s advance. Broader participation across sectors would help reduce the market’s reliance on AI-linked stocks after this week’s volatility exposed the risks of that concentration.

“It seems like we are seeing a technical rebound, with the overall market settling down somewhat,” said Ryuta Otsuka, a strategist at Toyo Securities. Volatility could remain relatively high next week as traders monitor earnings “while searching for a bottom,” he said.

The pressure on chip stocks eased after Nvidia Corp. Chief Executive Officer Jensen Huang defended the financial health of AI computing supplier CoreWeave Inc.

“CoreWeave’s strength is improving every day,” Huang said. “I’m optimistic. Their cost of capital is actually decreasing.”

A measure of the company’s credit risk climbed to an all-time high Thursday as some of its high-yield bonds extended declines.

Elsewhere, a Bloomberg gauge of the dollar held its losses from Thursday. Gold rose 0.2% to trade around $4,180 an ounce.

Global crude oil benchmark Brent slid 0.5% to $105.38 a barrel. Still, the commodity was set for a weekly advance as increasing Middle East supply risks weighed against a fresh release of emergency reserves.

In geopolitical news, the European Union was preparing to create new trade powers that could completely shut off access to its single market as part of a dramatic new push to cut the trade deficit with China.

On Warsh, traders will look for clues on whether Fed officials are leaning toward another rate increase. Last month, Fed officials raised borrowing costs for the first time since 2023 and futures now imply about a 25% chance of a rate hike in October.

A dovish shift by the Fed “would be a major risk” to Treasuries, Makoto Noji, chief currency and foreign bond strategist at SMBC Nikko Securities Inc. in Tokyo, wrote in a research note. “If signs emerge that the Fed is becoming more reluctant to raise rates further this year, long-term US yields could rise again on a ‘behind-the-curve’ trade.”

Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 11:58 a.m. Tokyo time Nikkei 225 futures (OSE) rose 1.3% Japan’s Topix rose 1.8% Australia’s S&P/ASX 200 rose 0.9% Hong Kong’s Hang Seng rose 1.3% The Shanghai Composite rose 0.8% Euro Stoxx 50 futures rose 0.7% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1218 The Japanese yen was little changed at 157.94 per dollar The offshore yuan was little changed at 6.6902 per dollar Cryptocurrencies

Bitcoin was little changed at $81,968.73 Ether fell 0.6% to $2,437.9 Bonds

The yield on 10-year Treasuries advanced one basis point to 5.07% Japan’s 10-year yield advanced five basis points to 2.940% Australia’s 10-year yield was little changed at 5.22% Commodities

West Texas Intermediate crude fell 0.7% to $97.26 a barrel Spot gold rose 0.2% to $4,179.02 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Aya Wagatsuma and Masaki Kondo.

©2026 Bloomberg L.P.