Asian Markets Surge on Tech Rally, Rate Hike Bets Drive Dollar Strength

Asian markets rallied on Tuesday as tech stocks led the charge, driven by lower oil prices and optimism over US-Iran talks. Brent crude futures steadied at $100.22 per barrel after dropping over 3% in the previous session. Nasdaq futures rose 0.37%, while European futures were 0.3% higher.

The dollar stood firm on bets that more interest rate hikes are needed to combat inflation, with investors pricing in a 56% chance of a hike in October.

The US-China summit later this week is also on investors' minds, with Xi Jinping's visit to Washington expected to bring a trade truce deal extension and potential cooperation over artificial intelligence. Tech-heavy South Korean stocks jumped nearly 2%, while Taiwan shares were 1.3% higher.