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August 12, 2026 - 05:24
5 minutes
(Bloomberg) — Asian stocks rose, buoyed by technology shares, as strong earnings from technology companies lured investors back into the artificial intelligence trade.The Kospi Index — a bellwether for AI investments — rallied 5%, with Samsung Electronics Co. and SK Hynix Inc. both jumping more than 8% amid optimism over their shareholder return policy. MSCI’s Asia Pacific equities gauge climbed 0.7%, powered by gains in semiconductor and other technology stocks.CoreWeave Inc. surged 16% in extended trading after booming AI spending drove stronger-than-expected sales growth. Super Micro Computer Inc. rallied 7.6% in the post market as its revenue forecast topped estimates. Those gains helped spur a 0.3% advance in futures contracts for the Nasdaq 100.“The earnings season we’ve seen so far has provided some comfort, especially within the tech trade,” Christina Woon, a portfolio manager at Eastspring Investments, said in an interview to Bloomberg Television.Elsewhere, crude oil climbed as traders remained wary about the prospects for a Middle East deal. Global benchmark Brent rose 0.6% to $89.44 a barrel, extending its rally to a sixth day — the longest winning streak since April.The advance in oil came as the US and Iran both appeared to harden their positions in the long-deadlocked negotiations over the Strait of Hormuz, despite Pakistan’s defense minister saying the two countries are “close to some sort of arrangement.”Oil’s gain tempered the mood in the run-up to crucial US inflation data later Wednesday, as investors weighed persistent geopolitical risks against uncertainty over the Federal Reserve’s next move on interest rates. Hopes for a breakthrough in Middle East negotiations was damped after optimism about an imminent deal boosted risk assets last week.“As each day passes without a resolution, market angst is steadily increasing,” Tim Waterer, chief market analyst at KCM Trade, wrote in a note. “Traders are growing more concerned that both sides are advancing demands that only add complexity and therefore reduce the likelihood of a workable deal materializing in the near term.”Elsewhere, the yen was little changed around 159.45 per dollar. Investors are watching the currency as it approaches the key level of 160, which may trigger Japanese authorities to intervene again. The dollar weakened against most of its Group-of-10 peers.Treasuries steadied with the yield on the benchmark 10-year note little changed at 4.69%. Gold recovered from Tuesday’s losses to gain 1% to about $4,410 an ounce.An Asian gauge of tech shares climbed 2.6%, while a regional benchmark of chip-related stocks rose 1.8%.“Earnings will be the key,” Kinger Lau, chief China equity strategist at Goldman Sachs Group Inc., said in an interview to Bloomberg Television. “Outperformance for the internet sector in July was mainly driven by valuation recovery but now we are at the point when we should start to focus on earnings again.”The US CPI print is expected to show that energy-related pressures have eased after intensifying in the months immediately following the start of the Iran war.The headline gauge probably rose 0.1% in July following a 0.4% decline in the prior month, based on the median projection in a Bloomberg survey of economists ahead of Wednesday’s Bureau of Labor Statistics release.A softer reading may help alleviate some concern after three officials at the Federal Open Market Committee dissented in July in favor of raising interest rates.“Today’s inflation print is likely to be pivotal for September FOMC pricing, while a rangebound dollar continues to favor carry trades,” Oversea-Chinese Banking Corp. strategists including Moh Siong Sim wrote in a report. Meanwhile, “renewed oil volatility is a reminder that oil-sensitive Asian FX is not yet out of the woods.”US data Tuesday offered a mixed picture of the economy. Sales of existing homes fell to a three-month low as elevated prices and mortgage rates continued to weigh on the housing market. Small-business optimism climbed to the highest in almost a year as firms stepped up hiring plans and inflation pressures eased.“We see crude oil prices driving the war narrative, with price swings likely to dictate the pace of escalation and de-escalation,” said Elias Haddad at Brown Brothers Harriman & Co.Some of the main moves in markets:StocksS&P 500 futures rose 0.1% as of 12:23 p.m. Tokyo time Nikkei 225 futures (OSE) rose 0.2% Japan’s Topix rose 0.3% Australia’s S&P/ASX 200 fell 0.7% Hong Kong’s Hang Seng fell 1.2% The Shanghai Composite rose 0.3% Euro Stoxx 50 futures were little changed CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1537 The Japanese yen fell 0.1% to 159.45 per dollar The offshore yuan was little changed at 6.7479 per dollar CryptocurrenciesBitcoin was little changed at $63,683.75 Ether was little changed at $1,882.11 BondsThe yield on 10-year Treasuries was little changed at 4.68% Japan’s 10-year yield advanced three basis points to 2.845% Australia’s 10-year yield declined one basis point to 5.02% CommoditiesWest Texas Intermediate crude rose 1% to $84.07 a barrel Spot gold rose 0.8% to $4,406.87 an ounce This story was produced with the assistance of Bloomberg Automation.–With assistance from Ruth Carson.©2026 Bloomberg L.P.
