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Today Fundamental Analysis: Asian tech stocks close higher, oil prices fall on hopes of progress in peace talks
Asian technology stocks rebounded sharply at the start of the week, recovering from Friday’s losses despite ongoing scrutiny surrounding Nvidia CEO Jensen Huang. Taiwan led the regional rally, with the Taiwan Weighted Index jumping as much as 6.5%, driven by strong gains in key semiconductor names. TSMC rose more than 6% as well.
Tech giants Samsung Electronics was up 2.7% and SK Hynix gaining 4.8%.
In Asia also, China’s producer price inflation accelerated sharply in October, with the PPI rising 5.7%, above the 5.3% forecast and marking its fastest pace since June 2022. The increase was driven by higher prices in the mining and raw-material sectors.
US stock futures trade higher at the start of the week, with S&P 500 futures up 0.4%, Nasdaq 100 futures 0.2%, and Dow futures 0.7%, as investors look for the technology sector to extend its recovery from last week’s AI-driven selloff. Markets are also awaiting key inflation data and earnings from major AI companies, which could provide fresh clues on valuations and the outlook for AI spending.
In the crypto market, Bitcoin fell below $74,000 over the weekend, hitting its lowest level since August before recovering some of the losses. Other major cryptocurrencies, including Ether and XRP, also declined.
Gold rebounded 1.5% to around $4,124 after briefly falling following stronger than expected U.S. jobs data. The 165K October payroll increase and lower unemployment strengthened expectations that the Fed may keep rates higher for longer, weighing on gold. Despite the rebound above $4,100, gold remains highly volatile and is still around 20% below its pre-conflict level.
Crude oil prices edged lower on Monday as Trump signaled no immediate plans for new strikes on Iran, raising hopes for continued negotiations and easing geopolitical risk. Brent fell 0.9% to $97.50 a barrel, while WTI slipped 0.4% to $90.44.
Today Technical Analysis: Gold jumps 1.5% to $4,134 an ounce. Silver is back above $53
Investors Are Heavily Long the US Dollar
The S&P 500 is counting on support from the Fed
Sterling’s Rebound Faces US Inflation Hurdle
EURUSD plummeted from its high
Gold, GBPUSD, EURUSD
Crypto is testing an important trend line
