Global Market Today: Asian stocks hold near record highs, oil climbs
MSCI’s Asia Pacific equities gauge edged up 0.1%, helped by advances in Japan, while South Korean shares reversed an early decline to rise 0.2%. The regional benchmark is less than 2% from its peak.
The move higher followed record closes for the S&P 500 and the Nasdaq 100 Index ahead of the US earnings season next week. Artificial intelligence-related stocks led the advance, with Nvidia Corp.’s market value approaching $6 trillion.
Tech remained in focus after the Financial Times reported SpaceX was looking to raise $40 billion to buy Nvidia chips.
Brent rose 0.8% to above $101 a barrel in early Asian trading as traders weighed increased flows through the Strait of Hormuz against a pickup in Iranian attacks against vessels.
Read more: Bank stocks lift Indian markets as crude prices ease, RBI decision eyed
Global stocks are hovering near record highs as investors bet companies can withstand higher interest rates and energy costs. With the economic data calendar light, attention will turn to the upcoming earnings season for signs that hundreds of billions of dollars in AI-related spending by tech giants are translating into stronger profits.
“Recent economic growth data have been strong and S&P 500 earnings revision breadth has remained positive,” Goldman Sachs Group Inc. strategists led by Ben Snider wrote in a note. “We expect most companies will once again surpass consensus earnings estimates this quarter.”
