- Thailand’s SET rose 1.58% to 1,496.31, the biggest gain among the major indices.
- Japan’s Nikkei rose 1.32% to 61,217, while South Korea’s Kospi climbed 2.51%.
- The US 10-year yield rose toward 5% as October consumer prices topped forecasts.
Most Asian stock markets rose on Wednesday, Nov. 11, with gains across Japan, South Korea, Taiwan and mainland China, even though Wall Street ended lower overnight and the US 10-year Treasury yield pushed to just under 5%. Thailand posted the largest gain among the major benchmarks, and Hong Kong the largest fall.
How Asian Markets Performed
Gainers:
- Thailand: The SET rose 1.58% to 1,502.
- Japan: The Nikkei 225 added 1.31% to 61,217, the strongest move in North Asia.
- South Korea: The Kospi climbed 2.60% to 5,375.
- China: The Shenzhen index gained 0.59% to 11,241.54, and the Shanghai Composite 0.40% to 3,663.72.
- Taiwan: The Taiex rose 0.56% to 42,951.20.
- Singapore: The Straits Times Index advanced 0.54% to 5,286.78.
Decliners:
- Hong Kong: The Hang Seng dropped 0.86% to 24,354.19, the weakest reading on the board.
- Malaysia: The KLCI lost 0.57% to 1,594.97.
- Indonesia: The IDX Composite slipped 0.45% to 5,102.85.
- Philippines: The PSEi was nearly flat, down 0.06% at 5,712.88.
In Australia, the ASX and the All Ordinaries rose firmly in early trade.
Why Korea, Japan and Taiwan Led
CoreWeave shares surged nearly 13% overnight after it beat revenue estimates and raised its annual forecast, a sign that demand for AI computing capacity is holding up despite data-centre constraints. That matters for Asian suppliers of memory chips, chip manufacturing and components. Samsung Electronics, SK Hynix, TSMC, Largan, Kioxia, TDK and Murata all rose.
Chipmakers carry unusual weight in Seoul. Samsung and SK Hynix account for nearly half of the Kospi’s market value, which helps explain why the index outpaced the rest of the region.
The Hang Seng’s fall reflected weakness in Chinese and Hong Kong technology shares. Higher US rate expectations and lingering concerns over AI valuations and competition weighed on the sector, along with uncertainty over US-China technology cooperation ahead of the Trump-Xi meeting on Nov. 18 and 19.
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Oil and Metals: Why They Matter for Asia
Brent traded near $92 a barrel and US crude near $86, its lowest since Aug. 31. Cheaper oil helps Asia’s large importers, including India, Japan and South Korea, by easing inflation pressure and import costs. Spot gold was near $4,056 an ounce after a roughly 2.6% fall on Tuesday and held above $4,000. Silver sat near $51 and copper near $6.23 a pound, a reading watched for China’s industrial demand.
How US Yields Reached Asia
Wall Street’s major gauges slipped on Tuesday after October consumer prices topped forecasts, which raised bets on a larger Fed hike in December. Rising yields and a stronger dollar tend to pressure growth-priced shares and weigh on bullion, a drag felt most in Hong Kong’s technology names.
What to Watch
Applied Materials and Cisco report earnings after the US close on Thursday. Nvidia, Walt Disney and Home Depot follow next week. The path of the 10-year yield and the dollar remains the main driver for regional equities.
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