Asian markets mixed: Hong Kong stocks rise, Nikkei and Kospi rally from AI selloff, but oil prices and US inflation data temper gains
Asian markets were mixed on Wednesday as those related to artificial intelligence found respite after a selloff while any gain was tempered by elevated oil prices and caution ahead of US inflation data later in the day. In Hong Kong, the benchmark Hang Seng Index opened down 0.26 percent before reversing direction. On the mainland, the Shanghai Composite Index opened down 0.27 percent. Among firms on the Asian side of the AI supply chain, chipmakers Samsung Electronics and SK Hynix rose more than 2 percent in South Korea. In Tokyo, the Nikkei rose 0.6 percent to 68,193 by the midday break, while the Kospi in Seoul was also up. Sentiment remained cautious, however, with oil prices elevated following Houthi missile and drone attacks on Saudi Arabia. US crude ticked up 0.8 percent to US$94.96 a barrel while Brent crude rose to US$106.60. The yield on benchmark 10-year Treasury notes was steady at 5.221 percent.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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