Asian Stocks Rebound This Morning!
Asian stocks rebounded on Tuesday (June 9th) after posting their biggest decline since March. Sentiment improved as Middle East tensions eased and selling pressure in artificial intelligence (AI) stocks eased, encouraging investors to take risks again.
The gains were led by South Korea and Japan. The Kospi rose 4.4% and the Nikkei rose 0.9%, pushing the MSCI Asia Pacific Index up 0.9% after three consecutive sessions of decline. Previously, pressure came from a combination of global risk-off and growing market bets on a Federal Reserve interest rate hike.
Asia's recovery followed a rebound on Wall Street, particularly in semiconductor stocks. Chipmakers like Nvidia and Micron rallied, while Intel rose sharply after reports that Google (Alphabet) would tap Intel for chip production, adding support to sentiment in the technology sector.
In commodity markets, Brent held relatively steady at around US$94.40/barrel. Oil prices pared most of their earlier gains after Iran and Israel pledged to restrain their attacks, easing market concerns that the conflict would directly disrupt energy supplies and undermine peace talks.
Broadly speaking, investors interpret this movement as a "healthy correction" after a long rally that had previously pushed the market to record highs. Consistent with the views of several market participants, the correction is considered normal and could provide a foundation for the bull market to persist through the end of the year, as long as economic data remains solid and geopolitical turmoil does not escalate. (Asd)
Source: Newsmaker.id
