Asia, Sep 23 : Asian equities extended their gains after a strong performance by US technology stocks pushed the Nasdaq 100 to a fresh record, while declining crude prices provided additional support amid renewed diplomatic efforts involving the US and Iran.
MSCI’s Asia-Pacific equity index gained 0.3%, marking its sixth consecutive session of advances. Japanese markets remained closed for a public holiday. Major semiconductor companies, including Samsung Electronics and SK Hynix, posted gains as investors continued to favour technology and chip stocks.
US markets also saw notable moves in technology-related shares. Shopify surged 7.1% after announcing a partnership with Meta Platforms involving its new Muse artificial intelligence agent. At the same time, concerns over the potential impact of AI on brokerage fees and profit margins weighed on US financial stocks and pressured several major equity benchmarks.
Oil prices moved lower as investors assessed developments in efforts to resolve the conflict involving the US and Iran. Brent crude declined by as much as 1% before recovering some ground to trade near $99.10 a barrel. US President Donald Trump said officials had held a “very good” meeting with Iranian representatives as Washington pursued further diplomatic engagement.
Gold and the dollar maintained gains from the previous session, while cash trading in US Treasuries was suspended because of the Japanese holiday.
Technology shares have regained their position as a major driver of global equity markets, with semiconductor companies remaining at the centre of investor attention. Analysts said markets could continue to respond to developments in oil prices, bond yields and geopolitical negotiations in the absence of major economic data releases this week.
Investors are also monitoring the upcoming meeting between Trump and Chinese President Xi Jinping for indications of progress on trade and broader economic issues.
Market participants are closely watching crude prices as Saudi Arabia works to resume operations on a key pipeline and Washington signals progress in discussions aimed at easing tensions in the Middle East.
Meanwhile, comments from Federal Reserve officials are being assessed for indications about the future direction of US interest rates. Richmond Fed President Tom Barkin said inflationary pressures could take time to ease, while Boston Fed President Susan Collins supported the recent quarter-point rate increase. St. Louis Fed President Alberto Musalem indicated that additional rate hikes could be necessary.
Economists have cautioned that central banks continue to face a difficult balance between containing inflation and avoiding excessively restrictive monetary policy that could put further pressure on long-term borrowing costs.