Asian stocks climb as strong earnings buoy Wall Street
SPY•Asian stocks rose, with South Korea’s KOSPI up 3.3%, as Wall Street gains and early strong earnings reports lifted sentiment. Brent crude rose 1.1% to $110 a barrel, while 86% of reporting S&P 500 companies had beaten earnings estimates.
1. Stocks gain across Asia
Asian stocks rose on Wednesday, with the MSCI Asia-Pacific index excluding Japan up 1.1%, South Korea’s KOSPI up 3.3% and Japan’s Nikkei up 0.9%. The S&P 500 rose 0.3% on Tuesday, and 86% of the 13% of S&P 500 companies that had reported earnings beat estimates.
2. AI concerns and oil prices
Concerns about the sustainability of AI-related investment weighed on sentiment. Australian data centre operator NextDC lost nearly half its market value after cutting its revenue forecast and putting future developments on hold. Brent crude rose 1.1% to $110 a barrel as conflict in the Gulf stoked supply concerns.
