Most Asian stocks rise as calm returns after CoreWeave shock; Indonesia faces market downgrade
SPY•Most Asian stocks rebounded after Thursday’s selloff, with Japan’s Nikkei rising 1.8% and South Korea’s KOSPI gaining 2.8%. Indonesia’s benchmark fell 11% after MSCI said it was preparing to remove the country from its emerging-market products.
1. Asian stocks rebound
Asian stocks rose on Friday after heavy selling in the previous session, when concerns about CoreWeave’s debt pile fueled worries over financing for the AI boom. Japan’s Nikkei gained 1.8% after falling almost 5% on Thursday, while South Korea’s KOSPI climbed 2.8% after a nearly 8% drop. Taiwan’s benchmark rose 0.7%, Hong Kong’s Hang Seng added 1.1% and mainland Chinese blue chips edged up 0.3%.
2. Indonesia shares slide
Indonesia’s equity benchmark slumped 11% after MSCI said the market no longer qualified for emerging-market status and that it was preparing to remove the country from products tracked by global investors. The rupiah weakened about 0.8% to 95.0550 per dollar.
3. Bonds and commodities
Bond markets stabilized after investors sought safe-haven assets on Thursday. The dollar index was down 0.2% for the week as lower U.S. yields weighed on demand; gold slipped 0.4% to $4,154.51 an ounce. Brent crude eased 0.4% to $105.51 a barrel as markets weighed Middle East risks and possible U.S. steps to ease restrictions on some oil tankers.
