Asian stocks rose on Thursday, supported by gains in technology giants on Wall Street, while lingering US-Iran tensions kept oil prices supported and left gold underpinned by safe-haven flows.
In currencies, the dollar firmed after minutes from the Federal Reserve’s latest meeting showed policymakers were in no rush to cut rates. Trading was thinned in Asia with markets in Hong Kong, China and Taiwan closed for the Lunar New Year holiday, but MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.4% and Tokyo’s Nikkei gained 0.7%.
South Korea’s Kospi jumped more than 3% to a record high.
That followed a rise in shares of tech heavyweights on Wall Street, driven by news from Nvidia on Tuesday that it signed a multi-year deal to sell Meta Platforms millions of its current and future artificial intelligence chips.
“We needed some good news. I think there has been a general feeling of malaise in the tech sector,” said Tony Sycamore, a market analyst at IG, referring to the steep selloff earlier this month.
“Nvidia has been very much the front and centre of the rally which we saw up into the end of 2025, and potentially it’s now coming to the rescue a little bit... some badly needed good news there that can potentially set tech stocks for a better run into Nvidia’s earnings next week.” European markets appeared to be set for a mixed open. EUROSTOXX 50 futures were down 0.11%, while FTSE futures added 0.15%. DAX futures eased 0.3%.
Nasdaq futures were up 0.17% while S&P 500 futures edged 0.11% higher. Geopolitics also loomed large in markets.
Oil prices extended gains after surging in the previous session, as investors priced in potential supply disruptions on concerns of a conflict between the US and Iran.
Brent crude futures were up 0.16% at $70.46 a barrel after jumping 4.35% in the previous session, while US crude rose 0.25% to $65.35, following Wednesday’s 4.6% gain.
“The balance of risks now tilts to a US strike after market close Friday,” said Michael Every, senior global strategist at Rabobank, adding that any attack is likely to last weeks rather than “being over by the Monday open”.
The safe-haven gold continued to find bids and steadied at $4,998.18 an ounce. — Reuters
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