Asian Markets Rally as Wall Street Gains and Oil Prices Dip
Asian markets saw mostly gains on Tuesday, building on Wall Street's recent advances. Japan's Nikkei 225 rose 1.1% to 70,683.98, reclaiming the 70,000 mark for the first time since early July. Meanwhile, South Korea's Kospi slipped 0.9% to 6,941.39, with tech stocks showing volatility. Advantest climbed 3.9%, while SoftBank Group fell 3.1% after its CEO warned about risks tied to technology. Samsung Electronics and SK Hynix also declined.
Hong Kong's Hang Seng climbed 0.8% to 24,234.19, while Australia's S&P/ASX 200 gained 0.6% to 8,735.70. Taiwan's Taiex edged up 0.2%, and India's Sensex added 0.6%. Markets in mainland China remained closed for a holiday.
On Monday, U.S. stocks closed higher, with the S&P 500 adding 0.7% near its record high. The Dow Jones rose 0.2%, and the Nasdaq gained 1.1%, supported by tech giants like Nvidia and Broadcom, each up 2.1%. Oil prices fell early Tuesday, with Brent crude dropping 0.8% to $99.48 per barrel, and U.S. crude losing 1.1% to $88.46 per barrel. Analysts noted easing supply pressures in the Middle East but cautioned about lingering tensions.
The 10-year U.S. Treasury yield hovered near multi-decade highs at around 5.30%, up from 5.28% on Friday. The U.S. dollar strengthened to 158.15 yen, while the euro dipped to $1.1209. Investors are seeking higher returns amid rising inflation and record U.S. debt levels.