Asian stocks rose on Friday as tech shares rebounded after Federal Reserve Chair Kevin Warsh told the IMF-World Bank meetings in Bangkok that artificial intelligence is a major force in the global economy. He stressed AI's long-term importance but did not predict upcoming Fed rate decisions. Warsh described AI as “the most profound economic transformation of a lifetime,” which helped lift investors' appetite for riskier assets.
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- Asian Shares Surge After Warsh Comments On AI
Asian stocks rose on Friday as tech shares rebounded after Federal Reserve Chair Kevin Warsh said at the IMF-World Bank meetings in Bangkok that artificial intelligence is a major force in the global economy. Warsh stressed the long-term significance of AI, calling it “the most profound economic transformation of a lifetime,” which boosted investors’ appetite for riskier assets. He avoided predictions on upcoming Federal Reserve rate decisions.
- Asian Shares Surge After Warsh Comments
Asian stocks rose after Federal Reserve Chair Kevin Warsh, speaking at the IMF-World Bank meetings in Bangkok, called AI a major force in the global economy while avoiding predictions on upcoming rate decisions. Tech shares rebounded: Japan's Nikkei rose 1.39 percent to 65,324.29, snapping a six-session losing streak, while South Korea's Kospi gained 2.05 percent to 5,668.05. China's Shanghai Composite edged up 0.24 percent to 3,716.28 after stronger September lending data, while Indonesia's Jakarta Composite plunged over 11 percent after MSCI proposed reclassifying the country's market from 'Emerging Market' to 'Standalone Market' status. In the U.S., September producer prices rose 6.3 percent from a year earlier, above expectations, as petrol prices climbed amid the war with Iran. Gold edged up 0.3 percent to $4,184 an ounce, while Brent crude fell nearly 1 percent below $105 a barrel.
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- Asian stocks rise as tech bounces from rout , eyes on Warsh
Most Asian markets rose on Friday after a tech sell-off the previous day over AI boom concerns, with investors awaiting comments from Federal Reserve boss Kevin Warsh at the IMF gathering. Seoul and Tokyo gained early after falling 7.6% and 4.9% respectively on Thursday, with SK hynix and Kioxia among the top performers. The earlier sell-off was fuelled by hotter-than-expected US inflation data that increased bets on more Fed rate hikes, and by worries about CoreWeave's debt, whose shares tanked 15.5% on Wednesday. Nvidia chief Jensen Huang defended CoreWeave, lifting AI stocks.
- Asian stocks rise as tech bounces from rout, eyes on Warsh
Most Asian markets rebounded Friday after Thursday's tech rout, driven by AI-boom worries, with Seoul and Tokyo rising sharply and chipmakers SK hynix and Kioxia among the top gainers. The earlier selloff followed hotter-than-expected US inflation, which raised bets on more Fed rate hikes, and a 15.5 percent slump in data centre operator CoreWeave over its heavy debt. Nvidia chief Jensen Huang defended CoreWeave's finances, lifting its shares almost six percent. Investors now await comments from Fed boss Kevin Warsh at the IMF meeting in Bangkok, after the latest inflation reading hit a five-month high. In early trade, Kospi rose 2.7 percent and Nikkei 225 gained 1.8 percent.
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