Tech Leads Gain in Asian Stocks, Oil Climbs: Markets Wrap
(Bloomberg) — Asian stocks rose for a second day to head for a weekly advance as investors rotated into a broader set of companies tied to the artificial intelligence buildout.
MSCI’s Asian equities gauge climbed 0.7%. Japan’s Nikkei led regional gains with a 2.3% rally. SoftBank Group Corp. surged more than 11% in Tokyo, following gains in US-listed shares of chipmaking unit Arm Holdings Plc. Lenovo Group Ltd. climbed to a 26-year high in Hong Kong after reporting strong growth in AI-related earnings.
US equity-index futures also edged up, with contracts on the Nasdaq 100 Index rising as much as 0.5% before paring the advance.
Still, caution over geopolitics kept gains in check. Brent rebounded after three days of declines to rise above $104 a barrel, as statements by Iran on uranium and the Strait of Hormuz pared earlier optimism over progress in the negotiations with the US.
Technology shares have surged this year as investors poured into companies viewed as critical suppliers to the global AI expansion. The momentum has helped markets look past the conflict in the Middle East, lifting equities to record highs.
Stock traders are now also chasing a wider array of beneficiaries as mainstream usage of AI creates demand for hardware beyond the most-advanced chips that companies such as Taiwan Semiconductor Manufacturing Co. make for Nvidia Corp. Themes emerging from an intensifying memory crunch and advances in robotics are also luring bids.
“It is a very very exciting time,” Jonathan Curtis, an equity portfolio manager at Franklin Templeton, said on Bloomberg TV. “We are bullish very broadly on the category and we do not think markets are pricing in what happens downstream,” he said, adding that when companies start applying the AI technology into their business, it will allow them to develop better outcomes.
Elsewhere, gold edged lower to about $4,530 an ounce. The yen hovered around the 159 level against the dollar, near its weakest level since April 30, as Japan’s key inflation gauge slowed by more than forecast.
Yen traders will be closely watching trading after Tokyo hours, where a lack of participants could exacerbate exchange-rate moves. They are also on alert for the risk of intervention on Monday, when holidays from London to New York are expected to reduce market liquidity.
In more geopolitical news, Iran is discussing with Oman how to set up some form of a permanent toll system that will formalize its control of maritime traffic through Hormuz. President Donald Trump said the US wants the waterway to be open and free of tolls.
US Secretary of State Marco Rubio said there were “some good signs” that a deal with Iran could be reached, adding that he expected Pakistani mediators to travel to Tehran, according to the Financial Times. Meantime, Iranian President Masoud Pezeshkian said “we will never back down” in talks.
“We will need to continue watching this space closely, but it increasingly feels as though the news flow is gradually trending towards something tangible that markets can ultimately price with greater conviction,” wrote Chris Weston, head of research at Pepperstone Group.
Corporate Highlights:
DeepSeek’s senior management has told potential investors in its ongoing 70 billion yuan ($10 billion) funding round that the startup will prioritize groundbreaking AI research over short-term commercialization, people familiar with the matter said. The Capital Group, one of the world’s largest investment management firms, has been increasing its exposure to Adani Group companies while steadily paring holdings in Reliance Industries Ltd., marking a shift in foreign investor preference between India’s biggest conglomerates. Zoom Communications Inc. projected stronger-than-anticipated sales growth, suggesting that customers are adopting its expanded suite of office products. Estee Lauder Cos. and Spanish company Puig Brands SA have walked away from a multibillion-dollar deal that would have created one of the world’s largest beauty businesses. IMAX is exploring a sale and has approached entertainment companies as potential buyers, according to people familiar with the situation.
Some of the main moves in markets:
Stocks
S&P 500 futures rose 0.2% as of 12:08 p.m. Tokyo time Japan’s Topix rose 0.8% Australia’s S&P/ASX 200 rose 0.5% Hong Kong’s Hang Seng rose 0.8% The Shanghai Composite rose 0.2% Euro Stoxx 50 futures rose 0.8% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1609 The Japanese yen was little changed at 159.04 per dollar The offshore yuan was little changed at 6.8027 per dollar Cryptocurrencies
Bitcoin was little changed at $77,660.95 Ether was little changed at $2,136.99 Bonds
The yield on 10-year Treasuries was little changed at 4.57% Australia’s 10-year yield declined five basis points to 4.91% Commodities
West Texas Intermediate crude rose 1.1% to $97.37 a barrel Spot gold fell 0.4% to $4,522.80 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Richard Henderson.
©2026 Bloomberg L.P.
