On Thursday morning (19 February, 9:26 AM, GMT+7, Bangkok time), major indices in the Asia Pacific advanced, lifted by strength in the technology sector and the reopening of several exchanges, including South Korea’s KOSPI. Meanwhile, markets in Hong Kong and mainland China remained closed for the Lunar New Year holiday.
The tech rally suggests that concerns around disruptions in the artificial intelligence industry are subsiding, prompting investors to explore new purchasing opportunities following recent weakness in the sector.
Additional support for market gains came from U.S. economic data released on Wednesday. Reports showed that industrial production in the United States rose in January at its fastest pace in several months. Business equipment orders surpassed expectations in December, and U.S. housing starts reached a level not seen in five months.
Market participants also evaluated the latest minutes from the U.S. Federal Reserve’s meeting. While policymakers left the federal funds rate unchanged in January, they are waiting for clearer signals on inflation and labor market performance, with many members expressing differing views on the appropriate timing for future rate adjustments.
Japan’s NIKKEI rose by 0.68% to 57,534.25. South Korea’s KOSPI soared by 2.47% to 5,643.12, and Australia’s ASX 200 grew by 1.08% to 9,104.50.
The U.S. stock markets edged up on Wednesday as the Dow Jones Industrial Average (DJIA) increased by 0.26% to 49,662.66. NASDAQ gained 0.78% to 22,753.63, and S&P 500 surged by 0.56% to 6,881.31. VIX declined by 3.30% to 19.62.
As for commodities, oil prices settled higher on Wednesday as investors reacted to heightened geopolitical concerns and a lack of progress in diplomatic discussions. Brent crude closed $2.93 higher, advancing 4.35% to reach $70.35 per barrel. U.S. West Texas Intermediate crude ended the session up $2.86, or 4.59%, at $65.19. These settlement levels marked the highest for both benchmarks since January 30.
The rise came amid potential risks to global supply stemming from renewed tensions involving the U.S. and Iran, as well as the stalled negotiations between Ukraine and Russia held in Geneva.
This morning, Brent crude futures climbed 15 cents, or 0.21%, to $70.50 per barrel, and the WTI expanded 16 cents, or 0.25%, to $65.35 per barrel.
Meanwhile, gold futures dropped by 0.46% to $4,986.70 per Troy ounce.
