Asia stocks ride tech wave higher, oil stays subdued

According to Business Recorder, citing Reuters, Asian shares were on track for a sixth straight session of gains on Wednesday, lifted by renewed consumer interest in AI applications that boosted technology stocks. Oil prices slipped after reports that supply from the Middle East was rising, with Saudi Arabia said to have restarted its East-West Pipeline and possibly resumed exports from Yanbu.

Brent crude futures slid 0.1%, reaching $99.18 per barrel, and US crude lost 0.4% to $90.14. South Korean shares rose 1.2%, with Samsung and SK Hynix each up more than 2%, and Taiwan gained 0.9% to near record peaks. The MSCI index for Asia-Pacific excluding Japan added 0.7% and has now climbed six days running, while Chinese blue chips were little changed.

Bullion dipped 0.3% to trade near $4,341 an ounce, while copper approached record levels after an 18% gain this year. Two-year Treasury yields climbed to 4.7879%, their highest since mid-2024, as investors priced in further Federal Reserve tightening. Futures markets put the chance of another Fed rate hike in October at 54%.