Most Asian Stocks Gain With US Futures, Oil Falls: Markets Wrap
(Bloomberg) — Most Asian stocks rose with US equity futures as risk appetite stabilized following last week’s slump in tech shares. Oil fell.
Benchmark indexes gained in South Korea and Hong Kong, while they dropped in Australia, helping the MSCI Asia Pacific Index rise 0.1%. That followed a Friday session where the Nasdaq 100 Index slumped 3.5% — its worst day since June — and the Philadelphia Semiconductor Index plunged 7.2%. Futures on the S&P 500 and Nasdaq 100 both climbed at least 0.4% on Monday, pointing to a higher open when US cash markets resume trading.
Chinese stocks advanced following a report that financial regulators will meet with banks and securities firms Monday to discuss measures to support the capital market, signaling authorities’ renewed effort to halt a slump.
Brent crude fell 3.2% to $109.83 a barrel after a report said US President Donald Trump wants to give diplomacy with Iran more time before potentially resuming strikes following Tuesday’s midterm elections. Gold climbed 0.8% to $3,906 an ounce after falling to its lowest close in more than a year on Friday. Bitcoin rose for a third day after sinking last week when Binance Holdings revealed a record hack that rattled the crypto industry.
Asian shares recovered “some of the losses as buying interest returned to some of the technology stocks,” said Chaltan Wang, a portfolio manager at HashKey Capital. “The key question is whether we are seeing a temporary correction in the very popular technology trade, or maybe the beginning of a reassessment of all these AI-related plays.”
Friday’s US stock selloff indicated that investors are showing less tolerance for tech companies whose core businesses are slowing while AI spending surges. Results from Alphabet Inc. and Amazon.com Inc. last week fueled concerns that AI is eroding the businesses financing those investments. Traders are bracing for more volatility, with the US midterm elections this week and Nvidia Corp. earnings later in November.
Still, some in the market say the decline may prove to be a buying opportunity. There are a few “clearing events” ahead that could temporarily push stocks lower and create an opportunity for investors to add exposure, said Mike Wilson, chief equity strategist at Morgan Stanley in New York.
China’s benchmark CSI 300 Index rose 1.3%, rebounding from a 2.9% drop last week. The tech-heavy Star 50 Index gained 3%.
All three major Chinese financial regulators — the People’s Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission — will hold meetings with major banks to study optimizing lending programs to support stock buybacks, Chinese media outlet Cailian reported on Sunday.
Kioxia Holdings Corp.’s shares tumbled as much as 17% in Tokyo after the Japanese memory maker’s cautious outlook added to concern that the explosive growth driven by artificial intelligence may be leveling off.
The dollar was mixed against its Group-of-10 peers and Treasuries were little changed as traders turned their attention to the US midterm elections.
“The dollar remains caught between AI and oil,” said Moh Siong Sim, a foreign-exchange strategist at OCBC Bank Singapore. “A modest rebound in Nasdaq futures offers some relief, while softer oil eases inflation concerns. The November 3 midterms add another risk. We remain constructive on the US dollar, but risks are becoming more two-sided.”
Last week’s stock slump delivered a long-awaited jolt of volatility after disappointing earnings from technology giants intensified concerns about the durability of the AI-driven rally.
The Cboe Volatility Index touched its highest intraday level since April, while demand for puts protecting against further losses surged and correlations among stocks climbed, signs of mounting stress. Still, those measures remain well below levels reached in March after the US and Israel attacked Iran.
“This looks more like a bullish rotation with a derating at its core than the beginning of a broad market deterioration,” said Florian Ielpo, head of macro research at Lombard Odier Investment Management.
Corporate Highlights:
Apple Inc. reclaimed the title of world’s most valuable company on Friday, taking the mantle from Nvidia Corp. as investors seek the perceived safety of the iPhone maker amid concerns about artificial intelligence spending. DeepSeek has released a prototype of a more autonomous coding agent as it seeks to challenge Anthropic PBC’s popular Claude Code. Westpac Banking Corp. Chief Executive Officer Anthony Miller’s pay surged to A$7.5 million ($5.3 million), despite profit missing expectations and the lender flagging an uncertain outlook for Australia’s economy. Some of the main moves in markets:
Stocks
S&P 500 futures rose 0.5% as of 2:11 p.m. Tokyo time Nikkei 225 futures (OSE) were little changed Japan’s Topix fell 0.6% Australia’s S&P/ASX 200 fell 0.6% Hong Kong’s Hang Seng rose 0.5% The Shanghai Composite rose 0.7% Euro Stoxx 50 futures rose 0.3% Currencies
The Bloomberg Dollar Spot Index was little changed The euro rose 0.2% to $1.1182 The Japanese yen fell 0.2% to 157.81 per dollar The offshore yuan rose 0.1% to 6.6452 per dollar Cryptocurrencies
Bitcoin rose 0.6% to $78,250.87 Ether rose 1.2% to $2,288.28 Bonds
The yield on 10-year Treasuries was little changed at 4.93% Japan’s 10-year yield advanced two basis points to 2.775% Australia’s 10-year yield advanced three basis points to 5.14% Commodities
West Texas Intermediate crude fell 3.4% to $100.57 a barrel Spot gold rose 0.8% to $3,906.45 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from David Finnerty.
©2026 Bloomberg L.P.
See more Swissinfo articles in your Google results. Learn more
