Asia shares edge up as chip selloff eases; US CPI awaited
SPY•Asian shares rose as AI-related stocks recovered some losses, while investors awaited U.S. inflation data. Oil prices gained, and economists estimated September headline inflation accelerated to 3.6% annually.
1. Asian stocks recover
Asian shares edged higher on Wednesday as AI-related stocks steadied after a selloff. Samsung Electronics and SK Hynix rose more than 2%, while Kioxia was steady. The MSCI Asia-Pacific index excluding Japan gained 0.5%, Japan’s Nikkei rose 0.2% and South Korea’s Kospi added 1.8%.
2. Oil and bonds
Oil prices rose amid concerns about energy supplies following Houthi attacks on Saudi Arabia. U.S. crude gained 0.8% to $94.96 a barrel, while Brent reached $106.6. Longer-dated bonds rallied as investors sought safety; the 10-year Treasury yield was steady at 5.221% after touching a nearly two-week low.
3. Inflation in focus
Investors awaited U.S. consumer price data for clues on the Federal Reserve’s rate outlook. Economists estimated headline inflation accelerated to 3.6% annually in September, with core CPI up 0.2% monthly. Markets priced in a 22% chance of an October rate hike ahead of the data. New York Fed President John Williams said the Fed may need to raise rates once more this year, but sees no need for hikes in 2027.
