Asian equities rallied on Tuesday, led by a rebound in South Korean chipmakers, as lower oil prices and a strong Wall Street session lifted sentiment, Investing.com reported. The MSCI Asia Pacific index rose about 2%. South Korea’s KOSPI climbed 4.31% to 5,235.14, Japan’s Nikkei 225 gained 2.8% to 60,398, and Taiwan’s Taiex rose as much as 6.4%.
The move followed a US session in which the S&P 500 gained 2.4%, its biggest daily rise since April, and the Nasdaq Composite rose 2.7%. The Philadelphia Semiconductor Index jumped nearly 7%.
Investing.com said Samsung and SK Hynix had each fallen more than 16% in the recent selloff and that the KOSPI was more than 40% below its summer peak. Japan and Taiwan entered bear markets the previous week. Taiwan’s seven-session slide reversed after regulators cut short-selling limits, raised margin requirements and kept a NT$500 billion stabilisation fund available.
Brent crude was at $91.56, down about 1%, after a nearly 6% slide on Monday to an early-September low, with US President Donald Trump saying further strikes on Iran were unlikely if nuclear talks progressed, according to the report. Investing.com also said October CPI, due Tuesday, was forecast at 0.3% for headline and 0.2% for core prices, and that Fed hike odds had risen to 84% from 74% a week earlier after strong jobs data.
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