Precise Investors Editorial Team
Kospi Index, a bellwether for the artificial intelligence trade, led with a 1 per cent gain
Asian stocks rose on Friday as technology shares jumped. MSCI’s Asia-Pacific equities gauge rose 0.5 per cent, putting the benchmark on course for a fourth straight weekly gain – its longest winning streak since May.
Kospi Index, a bellwether for the artificial intelligence trade, led with a 1 per cent gain. Samsung Electronics and SK Hynix took their advances for the week to nearly 15 per cent.
Among the main moves across markets Hang Seng futures dropped 0.6 per cent, Topix added 0.9 per cent and S&P/ASX 200 shed 0.8 per cent.
The Asian moves came as investors redoubled their bets on the AI trade after July’s sell-off, sending MSCI’s All Country World Index to a record high.
In Asia, the yen remained within striking distance of a key level against the dollar, even after Prime Minister Sanae Takaichi’s government was said to support an interest rate increase.
The currency was slightly stronger early on Friday, trading around 159.35 per US dollar.
Elsewhere, the yield on the rate-sensitive two-year note was little changed at 4.15 per cent, after dropping six basis points in the prior session. Money markets now price in less than a 40 per cent chance of a US central bank increase in September.
The next round of data that we get in September and the lead up to the meeting will be pretty critical, said Bank of America securities economist Stephen Juneau.
He said that at the same time, the market obviously has started to really discount hikes more and more given that the data in recent months has been more dovish.
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