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Asian equities extended their technology-led rally on Wednesday, supported by sustained AI demand and lower oil prices. South Korean and Taiwanese semiconductor stocks remained in focus after the Nasdaq reached another record high on Tuesday, led by Micron and other AI-linked shares. Strong technology demand and easing energy costs continue to support risk appetite despite expectations of further monetary tightening.
Brent fell nearly 1% to $98.37 per barrel as Saudi Arabia restarted its East-West Pipeline, raising expectations of additional exports through the Red Sea. The recovery in supply is easing oil-related inflation pressures, although uncertainty over U.S.-Iran negotiations leaves prices vulnerable to further geopolitical developments.
The Federal Reserve’s hawkish outlook remains the main constraint on the equity rally. Markets price a 54% probability of another rate increase in October, while the U.S. two-year Treasury yield reached 4.79%. The stronger dollar also weighed on gold, which slipped 0.3% to around $4,341 per ounce. Lower oil prices are providing some relief to longer-term yields, but expectations of further tightening continue to pressure non-yielding assets.
The next major catalyst is the Trump-Xi meeting, with traders watching for an extension of the U.S.-China trade truce and potential AI cooperation. Iranian President Masoud Pezeshkian’s UN address could also move oil prices if it provides clearer signals on negotiations and the Strait of Hormuz. Both developments could influence technology shares, energy markets and broader risk sentiment.
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