HONG KONG (AP) — Asian shares mostly advanced on Friday, a day after a tech sell-off dragged stocks lower, while Indonesia’s stock market plunged following a downgrade warning.
asserted
market → advance → warning
Index provider MSCI warned it would downgrade Indonesia from its “emerging market” status, triggering growing concerns of a capital flight.
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it → warn → flight
U.S. futures edged higher after Federal Reserve chair Kevin Warsh said the artificial intelligence shock could bring huge benefits to the global and U.S. economies.
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shock → edge → economies
South Korea’s benchmark Kospi index jumped 3.6%, after tumbling 7.6% the day before on a sell-off of shares related to artificial intelligence.
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index → jump → intelligence
Samsung Electronics was up 4.2%, while memory chipmaker SK Hynix added 3.5%.
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Hynix → add → %
Japan’s Nikkei 225 rose 1.9% to 65,658.59, after falling 4.9% a day earlier.
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Nikkei → rise → 65,658.59
OpenAI investor SoftBank Group climbed 1.7%.
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Group → climb → ?
Chip equipment maker Tokyo Electron was 2.8% higher and memory chipmaker Kioxia Holdings advanced 3.2%.
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Holdings → advance → ?
The Asian technology stocks traded higher after losses in AI shares moderated in the U.S.
Warsh said Friday at the IMF and World Bank gathering in Bangkok that AI could bring about positive impacts to global economies.
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AI → trade → economies
“I’d say, the advent of this new technology is probably the most consequential change to the U.S. and the global economy in my lifetime,” Warsh said.
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Warsh → say → lifetime
“There really is, I think, a huge benefit to the global economy, the U.S. economy, over the horizon.”
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I → think → horizon
Taiwan’s Taiex, which also benefited from the AI frenzy, was up 0.6%.
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which → benefit → frenzy
But shares of TSMC, or Taiwan Semiconductor Manufacturing Co., were 0.4% lower even as it posted record quarterly profits on Thursday and said AI demand remained very strong.
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demand → post → Thursday
In Indonesia, the Jakarta Composite index fell more than 10%, the lowest in years, after MSCI said Indonesia’s continued classification as an emerging market would be “no longer appropriate.”
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classification → fall → market
Hong Kong’s Hang Seng gained 1.2% to 24,353.69.
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Seng → gain → 24,353.69
The Shanghai Composite index rose 1% to 3,742.66.
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index → rise → 3,742.66
India’s Sensex edged up 0.2%.
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Sensex → edge → ?
On Thursday, Wall Street’s benchmark S&P 500 added 0.3%.
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S&P → add → %
The Dow Jones Industrial Average jumped 1.1%, and the technology-heavy Nasdaq composite rose 0.1%.
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composite → jump → ?
AI and chip stocks had eased their losses.
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stocks → ease → losses
American AI cloud provider CoreWeave plummeted as much as 9.5% in early trading but flipped later and ended 5.9% higher.
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CoreWeave → plummet → trading
Nvidia closed 1.8% lower following an earlier loss that reached 3.8%.
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that → close → %
Oil prices steadied but continued to stay elevated as global oil supply remains under pressure without a deal between the U.S. and Iran to end the Iran war.
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supply → steady → war
The International Energy Agency also said Thursday its members agreed to release in a timely manner the remaining about 100 million barrels of oil outstanding from its pledge in March and that the release total amount to be released would exceed the original 400 million barrels planned.
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amount → say → barrels
Brent crude, the international standard, fell 0.4% to $105.46 per barrel.
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crude → fall → barrel
That is still higher compared with around $72 a barrel in late February before the start of the war.
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That → compare → war
Oil remains well-supported as uncertainties surrounding the situation in the Middle East and concerns over oil flows in the Strait of Hormuz had the market “pricing in a significant risk premium,” ING commodities strategists Warren Patterson and Ewa Manthey wrote in a commentary Friday.
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Patterson → remain → commentary
The U.S. dollar fell to 157.83 Japanese yen from 158 yen.
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dollar → fall → yen
The euro was trading at $1.1228, up from $1.1220.
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euro → trade → 1.1220
AP Business Writer Stan Choe contributed to this report.
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Choe → contribute → report
The Aporia
