Most Asian stocks rose on Monday, led by technology shares as easing oil prices improved risk appetite. Investors were also focused on Apple’s upcoming quarterly results amid concerns about the high cost of artificial intelligence infrastructure and its impact on technology companies.
U.S. stock futures advanced during Asian trading, with Nasdaq 100 futures up 1% at 06:10 GMT. The move offered some relief after Wall Street suffered a sharp selloff the previous week.
South Korea’s KOSPI gained 2.8%, helped by a rise of more than 5% in SK Hynix and a 3% increase in Samsung Electronics. China’s CSI 300 rose 1%, while the Shanghai Composite added 1.2%. Hong Kong’s Hang Seng climbed 0.6%, and its technology sub-index jumped 3%.
Japan’s Nikkei 225 pared its earlier losses and traded broadly flat, while the broader TOPIX index fell 0.7%. India’s Nifty 50 advanced 1.1%. Australia’s S&P/ASX 200 moved against the regional trend, falling 0.6%, while Singapore’s Straits Times Index declined 1.4%.
Apple’s results were expected to provide investors with an indication of whether consumer demand can help offset concerns about heavy spending on AI infrastructure. Market participants were also looking for information about early demand for the iPhone 18 range, whose pre-orders began in mid-October.
Technology stocks remained under pressure after Intel fell nearly 29% on Friday following a disappointing profit outlook. The decline increased concerns about earnings prospects across the semiconductor industry and other companies linked to artificial intelligence.
Oil prices also supported the broader market mood. Brent crude futures fell 3% to below $100 a barrel as diplomatic efforts continued to end the U.S.-Israeli war on Iran.
Investors in Australia were positioning ahead of the Reserve Bank of Australia’s policy decision on Tuesday. The central bank is widely expected to raise its cash rate by 25 basis points to 4.85%, which would be its fifth increase this year, following a move to 4.60% in September.
Expectations for higher rates strengthened after Australian consumer inflation accelerated to 4.3% in September from 4.0% in August. RBA Deputy Governor Andrew Hauser said the inflation outlook appeared materially worse than previously projected, while Governor Michele Bullock said some upside risks had emerged.
Sources: Investing.com News.