Asian stocks track Wall Street tech bounce, oil eases on Middle East hope
HONG KONG: Asian stocks enjoyed a partial rebound from the previous day’s rout on Tuesday (Jun 9) as investors returned to the AI trade, while easing Middle East tensions also provided support and pushed oil prices down. The gains across most equity markets followed a rebound on Wall Street, fuelled by a race to pick up cheaper assets following a sell-off sparked by bets on a US interest rate hike and warnings over tech firms’ valuations. News that the US economy had created more than double the number of jobs than expected in May indicated it remained in rude health but put pressure on the Federal Reserve to tighten monetary policy as it also battled surging inflation. That came after disappointing revenue forecasts from chip giant Broadcom had sparked jitters about the AI sector, which has helped drive markets to record highs this year. A plunge in tech firms in New York on Friday was followed by a similar collapse for their Asian counterparts on Monday, sending Seoul’s Kospi down more than 8 per cent. …








