The MSCI Asia Pacific Index rose for the second day, as shares in Australia and Japan rallied, while South Korea’s benchmark gained to a record.
That was after the S&P 500 gained 0.6% Wednesday and the tech-heavy Nasdaq 100 climbed 0.8%. Financial markets remained shut in mainland China, Hong Kong and Taiwan for the Lunar New Year holiday.The rebound in tech shares offered a sign that concern over the disruption of artificial intelligence were easing, just as several stock pickers surveyed the wreckage for buying opportunities.
Oil steadied in Asia after jumping Wednesday following a report that American military intervention in Iran may come sooner than expected.West Texas Intermediate traded above $65 a barrel after gaining 4.6% on Wednesday, while Brent crude closed above $70 for the first time in more than two weeks. Axios reported that any US military operation would likely be a weeks-long campaign and that Israel’s government is pushing for a scenario targeting regime change in the Islamic Republic.
The dollar edged lower versus most of its Group-of-10 peers after Bloomberg’s gauge of the greenback gained 0.5% on Wednesday. Treasuries were little changed after dropping in the New York session, when a $16 billion sale of 20-year bonds drew lackluster demand.
US economic data published Wednesday showing the biggest increase in US industrial production in January bolstered investor sentiment, while orders for business equipment rose in December by more than projected and housing starts hit a five-month high.
Gold was little changed in Asia, after jumping 2% on Wednesday, with some Asian markets closed for Lunar New Year holidays and traders focused on the Fed’s next move on interest rates.
With inputs from Bloomberg
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