- Asian equities sank Wednesday, headed lower by Hong Kong, as worsening industrial activity in China dampened optimism already dampened by the danger of a US government default.
- The Hang Seng Index fell 1.7% after the purchasing manager index for May fell. This adds to concerns over the country's shaky economic recovery, which has weighed on its stock markets and currency. The yuan's recent decline has persisted.
- South Korea's Kospi index defied expectations by heading for a bull market, supported by foreign investment in chipmakers and the electric-vehicle supply chain.
- According to Goldman Sachs, the semiconductor sector will revive significantly next year, boosting Korean corporate profitability. The market tends to look through the low this year and into the recovery next year, said Timothy Moe, Goldman Sachs' top Asia Pacific equity strategist. He believes that low global investor positioning strengthens the case for substantial gains.
- Oil fell the most in four weeks on signals of weaker demand and ample supply ahead of the forthcoming OPEC+ summit. The S&P 500 and Nasdaq 100 futures were slightly changed. Energy companies dragged on the S&P 500 on Tuesday as oil fell below $70 per barrel. In early Asian hours, oil stayed below the $70 mark.
- The Nasdaq 100 gained 0.4% on Tuesday, extending its year-to-date gain to 31%, although ending off its day's high as investors analysed the artificial-intelligence hype that has buoyed the index. After launching multiple AI-related technologies, Nvidia stock price hovered over $1 trln.
