Public Markets 3h Briefing
×Global Market Moves
South Korea bloomberg.com surged past France in stock market value, propelled by gains in technology shares riding the global boom in artificial intelligence. The country's equity benchmark crossed 6,000 wsj.com as semiconductor and auto shares led Wednesday's gains, with the Kospi rising over 40% this year. Memory demand bloomberg.com powered the country's biggest chipmakers, driving Korean stocks' breakthrough past the 6,000 level just a month after surpassing the once-unthinkable 5,000 mark.
Commodities & Currencies
Oil wsj.com rose in the morning Asian session as traders braced for U.S.-Iran talks. Gold wsj.com edged higher in the early morning Asian session on possible position adjustments, while gold bloomberg.com steadied as traders weighed uncertainty around US import tariffs and reduced prospects of a near-term cut to interest rates. The yen wsj.com consolidated against other G-10 and Asian currencies amid uncertainty over the BOJ's rate-hike cycle.
Regional Markets
Australia's CPI investing.com rose more than expected in January, with core inflation accelerating. Wise Tech investing.com jumped on upbeat half-year earnings and AI-driven job cuts, while Woolworths investing.com shares surged on strong half-year earnings. Fortescue investing.com HY earnings climbed on record shipments, sending shares higher.
Corporate & Investment News
UBS investing.com sees compelling opportunities in Chinese tech stocks after recent losses. Nippon Steel bloomberg.com shares tumbled on concerns over a massive bond sale, with the company planning to sell almost $4 billion of bonds to help fund the acquisition of United States Steel Corp. UBS bloomberg.com now sees private credit defaults reaching 15% in the worst case, with analysts laying out an even more grim outlook than a few weeks ago.
Tech & Innovation
Amazon ft.com AI lab chief David Luan will leave the company this week to 'cook up something new' amid a leadership shake-up. UK AI start-up Wayve ft.com raised $1.2 billion from carmakers and Big Tech, valuing the self-driving group at $8.6 billion as it gears up to launch a robotaxi service in London this year. Hong Kong's budget bloomberg.com is set to narrow its deficit with tech bets in focus, raising expectations for modest relief measures and further investment in technology sectors.