Public Markets 8-Hour Briefing
×Asian Markets Rally
Asian currencies hit a 16-month high on Wednesday, supported by a weaker dollar and steady yuan appreciation. South Korea's Kospi gained over 40% this year, breaking above the 6,000 level for the first time, with semiconductor and auto shares leading Wednesday's gains. The country's equity benchmark has surpassed France's market value at $2.2 trillion, propelled by technology stocks benefiting from the global AI boom.
US Market Movements
Nasdaq bounced back after an AMD-Meta deal focused on AI chips, while tech stocks rebounded after an AI selloff. Workday forecast up to 13% subscription revenue growth but shares fell 6%, while Mercado Libre rose after beating revenue estimates. Warner Bros. Discovery shares edged lower on Paramount's Skydance bid.
Commodities & Currencies
Oil prices rose as traders braced for U.S.-Iran talks. Gold prices increased amid tariff jitters and haven demand, later steadying as traders weighed tariff risks and rate-cut prospects. The Aussie and Kiwi dollars surged as traders positioned for global interest rate rises, while the yen consolidated amid uncertainty over the BOJ's rate-hike cycle.
Economic Policy Outlook
Bond traders are betting on Fed rate cuts spilling into 2027, while Fed Bank of Boston President Susan Collins said rates are likely to stay unchanged "for some time." Nippon Steel shares tumbled after announcing plans to sell almost $4 billion of bonds to help fund the acquisition of United States Steel Corp. Indonesia began marketing bonds denominated in offshore yuan, testing global investors' appetite amid fiscal concerns.