Symbolic imageAsian markets recover after AI selloff, crypto slides
Asian stocks rebounded on Monday after last week's AI-driven Wall Street selloff, and Bloomberg reports that Taiwan's authorities moved to stem losses. Crypto slid to two-month lows.
Two hours into trading, Japan's Nikkei 225 was up about 3 percent and South Korea's Kospi 1.2 percent, according to Handelsblatt. Chipmakers Samsung Electronics and SK Hynix rose 2.6 and 3.7 percent. Hong Kong's Hang Seng gained about 0.7 percent and China's CSI 300 almost 0.5 percent. The rebound follows Thursday, 5 November, when S&P 500 companies lost nearly three trillion dollars in market value amid worries about the AI business after the Democrats' midterm win. Handelsblatt adds that the risk of higher oil prices, with shipping through the Strait of Hormuz still heavily restricted, weighs on sentiment.
Treasuries and crypto
Bloomberg reports a further Treasury rally as the election hits the AI trade. Reuters reports that cryptocurrencies fell to two-month lows after the midterms.
UBS chief on the AI buildout
Bloomberg reports that UBS CEO Ermotti sees the midterms creating uncertainty for the AI buildout. Reuters reports he said investors had priced for "perfection" until the sector's sharp correction.
Memory chips get pricier
AI demand is pushing memory chip prices up by as much as 40 percent, hitting electronics.