Asian Stocks Rise, US Tech Rebound Eases AI Concerns
Asian stock markets opened higher on Wednesday, following a rally in technology stocks on Wall Street that helped ease market concerns about the potential for AI disruption. Gains were seen in Japan, South Korea, and Australia, pushing the MSCI Asia Pacific Index to extend its gains for a third consecutive day.
Sentiment improved after previously undervalued software stocks rebounded, lifting the Nasdaq 100 by around 1.1% and boosting the S&P 500. Optimism was also supported by news of AMD's partnership with Meta Platforms, while the market awaited Nvidia's earnings report, seen as a crucial test of global AI spending.
In the currency market, the US dollar index held steady ahead of President Donald Trump's State of the Union address. Meanwhile, gold pared some of the previous session's losses, while Bitcoin headed for its worst monthly performance since the crypto market boom in June 2022, indicating that risk appetite in digital assets remains fragile.
The rebound in the technology sector came after comments by Anthropic, which emphasized plans to build partnerships, alleviating concerns that its chatbot technology would displace existing businesses. Market focus now turns to Nvidia's report, as the results are expected to determine whether concerns about "AI scare trading" subside or flare up again. In Asia, the yen is stabilizing after weakening, following local media reports regarding the Japanese government's concerns about further interest rate hikes. (asd)
Source: Newsmaker.id
