On Wednesday (21 October, 9:26 AM, GMT+7, Bangkok time), most major indices in the Asia-Pacific mirrored gains in U.S. markets fueled by upbeat corporate earnings and softening crude prices.
Shares of SpaceX surged 8% following the company’s announcement of a 161% increase in third-quarter revenue, with its CEO, Elon Musk, revealing that both SpaceX and Tesla have established committees to evaluate a potential merger, sending Tesla’s stock up by almost 2%.
Strong quarterly results are providing momentum for global stocks as the end of the year approaches, according to Goldman Sachs. While factors such as AI sector concerns, heightened Middle East risks, and upcoming midterm elections may contribute to near-term fluctuations, investor positioning and relatively modest valuations are expected to support equity markets through the final months of the year.
Market participants are closely monitoring whether increased investment in AI infrastructure will be justified by sustained demand. Additional guidance on the outlook for AI-driven stocks is anticipated later on Wednesday, when Meta Platforms reports after the market close.
On the commodities front, oil prices stabilized following a volatile session, as traders weighed divergent reports regarding progress toward ending conflict between the United States and Iran.
In Japan, export data for September showed a 16.7% year-on-year increase, falling short of the 20.1% growth projected by market analysts surveyed by Reuters. This marks the second consecutive month of slowing export momentum since a high point reached in July. Semiconductor shipments continued to underpin export growth, rising 49.4% from a year earlier by value.
Japan’s NIKKEI rose by 1.30% to 64,909.41. South Korea’s KOSPI jumped by 4.61% to 5,808.65, while Australia’s ASX 200 declined by 0.18% to 8,800.60.
Shanghai’s SSEC dipped by 0.01% to 3,734.85. Shenzhen’s SZI increased by 0.42% to 11,850.92, and Hong Kong’s HSI added 0.30% to 23,938.53.
The U.S. stock markets were mixed on Tuesday as the Dow Jones Industrial Average (DJIA) surged 1.02% to 52,495.88. NASDAQ slid by 0.02% to 26,424.81, and S&P 500 gained 0.28% to 7,712.57. VIX slumped by 6.13% to 17.31.
As for commodities, oil prices settled lower on Tuesday as traders balanced heightened geopolitical uncertainties, including diplomatic talks between Iran’s president and the head of Pakistan’s army, against persistent concerns over security in the region. Brent crude settled at $108.79 a barrel, down 76 cents, or 0.69%. The expired U.S. West Texas Intermediate crude November contract ended the session at $101.79 a barrel, down $1.87, or 1.8%.
This morning, Brent futures advanced $1.58, or 1.45%, to $110.37 per barrel, and WTI futures for December were up $1.35, or 1.38%, to $99.17 per barrel.
Meanwhile, gold futures lost 0.17% to $4,135.70 per Troy ounce.
