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Asian shares tracked Wall Street higher as investors returned to the artificial intelligence trade, helping stoke a rally in semiconductor stocks, Bloomberg reported. MSCI's Asia Pacific equities gauge climbed 1.9%, its first gain in three sessions and its highest intraday level since mid-July, while South Korea's Kospi rallied 4.2% and Australian shares hit an all-time high. Chip stocks stayed in focus after a US semiconductor gauge posted its strongest four-day advance since 2020, with Samsung Electronics and SK Hynix each gaining more than 2% in Seoul and Taiwan Semiconductor Manufacturing up 3.5%.S&P 500 futures edged higher after the benchmark closed at a record on Tuesday, though caution lingered as SpaceX fell 7.5% in extended trading on higher-than-expected AI spending and Advanced Micro Devices slid 9% on a weak outlook, according to Bloomberg. Brent pared losses to trade at $79.75 a barrel as optimism grew over a possible interim US-Iran deal to reopen the Strait of Hormuz, with Qatar saying a proposal had been drafted and Treasury Secretary Scott Bessent signaling a deal could come Tuesday or Wednesday. Union Bancaire Privée's Vey-Sern Ling said recent tech results show AI investment will keep rising sharply, which is reassuring given more reasonable valuations after the correction. The 10-year Treasury yield edged up to 4.62% and gold rose to about $4,094 an ounce.

SpaceX shares fell after the company disclosed higher-than-expected spending on its artificial intelligence business, dampening an inaugural quarterly report that broadly surpassed Wall Street forecasts, Bloomberg reported. Shares of Elon Musk's rocket, satellite and AI conglomerate tumbled as much as 8.8% in US postmarket trading after it said capital spending jumped to about $18.4 billion in the second quarter. Revenue came in at $7.8 billion, above the $6.81 billion analysts had estimated, while the loss of 9 cents a share was smaller than the 24-cent loss forecast. Musk told analysts he expects the cadence of AI development to improve dramatically.The results capped a roller-coaster ride since SpaceX raised $86 billion in the largest stock-market debut ever, with shares since plunging amid post-IPO volatility and a broader AI selloff that erased more than $1 trillion in value from their peak, according to Bloomberg. More than $100 billion of stock becomes eligible for sale for the first time later this week, adding potential downward pressure. Starlink, its only profitable unit, reached 12 million subscribers, just below the 12.19 million expected. The AI business posted a $1.26 billion operating loss, better than feared, and SpaceX said capex in the third and fourth quarters would remain similar to the second. RBC's Ken Herbert said Starship remains the flywheel powering SpaceX's ambitions and a catalyst for unlocking connectivity and orbital-compute markets.

Global stocks climbed to a record as hopes rose for a US-Iran deal to reopen the Strait of Hormuz, while investors renewed bets on the artificial intelligence trade, driving gains in chipmakers, Bloomberg reported. S&P 500 futures rose 0.2% after the index hit another all-time high, and MSCI's All Country World Index also peaked. Brent crude held around $80 a barrel after Tuesday's 5.3% plunge as Washington, Tehran and Oman neared an agreement to resume oil flows through the strait, while Treasuries were steady and gold climbed 2.1% to about $4162.75 an ounce as traders curbed rate-hike expectations.Jefferies International's Mohit Kumar said markets tend to get desensitized to geopolitics and that as long as oil stays in the $75-$80 range, solid earnings, ample liquidity and clean positioning set a nice backdrop for a further rally in risky assets, according to Bloomberg. Saxo Markets' Charu Chanana noted the three pressures behind the recent selloff — AI spending concerns, higher bond yields and rising oil — are all easing at once. A cautious tone lingered, however, as SpaceX fell 8% in extended trading on higher-than-expected AI spending and Advanced Micro Devices dropped about 7% on a weak sales outlook. The MSCI World Semiconductor Index, down more than 20% from its June peak, has rebounded 15% and is up 42% this year.

Oil steadied after a two-day decline on optimism a deal can be reached to reopen the Strait of Hormuz, freeing up supply trapped in the Persian Gulf, Bloomberg reported. Brent traded below $80 a barrel while West Texas Intermediate was around $76, after both lost more than 10% in the prior two sessions. Qatar said Tuesday that an interim proposal had been drafted, and both Washington and Tehran signaled progress in talks to reopen the waterway. Prices have slumped over the past two weeks after U.S. President Donald Trump said he postponed new strikes on Iran to give talks more time.Mizuho Securities USA's Robert Yawger said that with passions cooling there may now be a chance a deal can be agreed, though he expects a "bad deal" that lets the US declare victory while leaving loose ends, including on the nuclear issue, according to Bloomberg. Even a short-term deal to normalize shipping might fail to end the war conclusively. Trump discussed de-escalation with Qatar's Emir in a call Tuesday, and Iran is weighing letting European nations remove mines from the strait, while Saudi Arabia held Omani-mediated talks with Yemen's Houthis to prevent the conflict widening. Separately, US crude inventories rose 2.7 million barrels last week and Cushing stockpiles climbed 2.4 million, the biggest such rise since March if confirmed, according to American Petroleum Institute data.

According to CNBC, Eli Lilly reported second-quarter earnings and revenue that topped Wall Street estimates and lifted its 2026 sales outlook as demand for Zepbound and Mounjaro accelerated again. The company now expects 2026 revenue of $85 billion to $87 billion, up from a prior range of $82 billion to $85 billion, and forecast adjusted full-year profit of $35.50 to $36.50 per share versus an earlier outlook of $35.50 to $37 per share.
Mounjaro worldwide revenue rose 91% to $9.94 billion in the quarter, including $4.8 billion in U.S. sales, while Zepbound generated $4.93 billion in U.S. revenue, up 44% from a year earlier. Eli Lilly said its newly launched obesity pill, Foundayo, brought in $98 million in second-quarter sales after winning U.S. approval in April. The company posted adjusted earnings of $8.38 per share on revenue of $22.97 billion, compared with LSEG estimates of $6.01 per share and $20.73 billion, respectively.

Goldman Sachs reiterated buy ratings on Samsung Electronics and SK Hynix, saying market concerns over HBM pricing, inventories, and competition from CXMT are overstated. According to PANews, the report said average HBM prices may double by 2027, AI demand will continue to exceed supply, long-term contract terms favor suppliers, and current valuations reflect extreme pessimism, with earnings and shareholder returns underestimated.

DeepSeek has restarted its second-round financing and plans to raise 50 billion yuan at a pre-investment valuation of about 500 billion yuan, with signing expected in late August. According to ChainCatcher, several traders and investors said the round had been open since mid-July before being abruptly paused at the end of July.Some investors on the reserve list were told at the time that plans to sign financing agreements had been put on hold. Media reported on July 26 that one reason for the suspension was dissatisfaction from DeepSeek founder Liang Wenfeng over widely circulated online comments, which centered on an allegedly leaked investor meeting transcript.DeepSeek and the investors now in talks are seeking a low-profile process after the restart. Some previously active investment firms said they have not yet received notice that the financing has resumed, and the channel remains suspended for now.

According to Jin10, U.S. telecom stocks fell in pre-market trading after SpaceX (SPCX.O) disclosed plans to build a full mobile service.

Gold rose for a third straight day as markets tracked efforts to reopen the Strait of Hormuz, easing inflation concerns and lowering the odds of Federal Reserve rate increases, according to Bloomberg.
The move came as the prospect of an interim deal helped calm worries over the outlook for prices and monetary policy.

According to Jin10, domestic futures main contracts mostly rose at the midday close, with platinum up more than 9%, palladium up more than 8%, Shanghai silver up more than 7%, urea, coking coal, and Shanghai gold up more than 3%, and Shanghai lead and lithium carbonate up more than 2%. On the downside, the European shipping line contract fell more than 9%, ethylene glycol (EG) fell more than 6%, SC crude oil fell nearly 6%, benzene fell more than 5%, styrene (EB) fell nearly 5%, and bottle-grade PET, liquefied petroleum gas (LPG), and propylene fell more than 4%.

According to CNBC, the U.S. military said the Strait of Hormuz remains open to commercial shipping after Treasury Secretary Scott Bessent said an Iran deal could be close. U.S. Central Command said the southern route of the waterway is still free and open and said it has helped more than 1,000 vessels transit the area despite what it called unwarranted Iranian aggression. Brent rose 0.43% on Wednesday to $79.7 a barrel after falling 5.3% the previous day, while West Texas Intermediate gained 0.21% to $75.95 after a 5.7% decline. Bessent told CNBC's "Squawk Box" that U.S. talks with Iran could produce a deal to open the strait as soon as today or tomorrow.

According to Jin10, minutes from the Bank of Japan meeting showed that some members said the central bank must maintain its guidance and continue raising interest rates if economic and price trends match its forecasts.

The S&P 500 Index and Nasdaq Index, priced in Bitcoin, have broken above their 200-week moving averages for the first time since 2012. According to Odaily, that level had previously capped each round of gains in stocks relative to BTC.

According to CNBC, crude prices rebounded on Wednesday after Yemen's Iran-backed Houthi militants said they struck a Saudi Arabian tanker in the Red Sea. Brent crude was last at $80.32 a barrel, up more than 1.2%, while U.S. West Texas Intermediate crude futures for September delivery rose 0.67% to $76.28. The Houthis said they hit the tanker with a missile near the coast of Yanbu, a major port for Saudi crude exports. U.S. Central Command said late Tuesday that the southern route of the Strait of Hormuz, which runs through Omani territorial waters, was free and open to commercial vessels. Treasury Secretary Scott Bessent had earlier said a deal to open the waterway could be reached this week. Oil finished about 6% lower on Tuesday after hopes grew that the Strait might reopen, and prices had been falling after U.S. President Donald Trump called off a planned strike on Iran earlier in the week in favor of new negotiations.

According to Jin10, crude oil-related futures’ main contracts fell across the board, with SC crude down 6.01% to 504.7 yuan per barrel, low-sulfur fuel oil (LU) down 3.82% to 4,462 yuan per ton, and fuel oil down 3.99% to 3,319 yuan per ton.

According to Jin10, JPMorgan raised its target price for SpaceX (SPCX.O) to $240 from $225.

Shares of SK Hynix Inc. advanced, helped by an overnight rally in US chipmakers and speculation that the South Korean memory-chip maker may soon unveil buybacks and other details of a broader shareholder return plan, according to Bloomberg.
The stock rose after investors bet the company could spell out more about returning cash to shareholders.

Advanced Micro Devices (AMD) reported record second-quarter revenue of $11.54 billion and guided third-quarter sales to roughly $13 billion, but the stock fell 8% in after-hours trading Tuesday. According to BeInCrypto, AMD beat Wall Street estimates on revenue, adjusted profit and operating margin, while capital spending jumped to $808 million and free cash flow declined to $1.56 billion.

South Korean stocks rebounded sharply after foreign investors bought heavily during the session, with net purchases reaching 1.4463 trillion won, according to closing data. According to Odaily, individual investors and institutions sold 1.1835 trillion won and 283.5 billion won net, respectively.
Semiconductor shares tied to the AI supply chain rose strongly and helped the technology sector lead gains. Analysts said easing oil prices and interest-rate pressure, along with renewed market interest in the AI industry outlook, lifted risk appetite and supported a sector-rotation rally.

Barclays Plc and HSBC Holdings Plc say concern that the Federal Reserve is moving too slowly on inflation is adding support for inflation-linked bonds, according to Bloomberg.
The banks said investors have another reason to buy securities that protect against faster price growth.

Japan’s luxury jewelry market is booming as consumers treat purchases as a hedge against a weaker yen, according to Bloomberg.
The article says the surge is not just about fashion, but reflects shoppers using indulgent purchases to preserve value as the currency falls.

SpaceX outlined plans to compete directly with AT&T, Verizon and T-Mobile by building a terrestrial mobile network alongside its satellite-based service, according to Bloomberg.
The move signals a broader push by Elon Musk’s company into U.S. wireless services.

According to Jin10, CITIC Securities said gold remains in a major bull market and that around $4,000 per ounce is likely the bottom area for this round of declines.

Global stocks climbed to a record as investors renewed bets on the artificial intelligence trade and hopes rose for a US-Iran deal that could open the Strait of Hormuz, according to Bloomberg.
Chipmakers led gains as markets priced in continued strength in AI-related shares.

According to CNBC, U.S. Central Command said the southern route of the Strait of Hormuz remains open for commercial traffic after Treasury Secretary Scott Bessent said a deal with Iran could be close. Brent crude rose 0.43% to $79.7 per barrel on Wednesday after falling 5.3% the previous day, while West Texas Intermediate gained 0.21% to $75.95 after a 5.7% drop. Central Command said it had helped more than 1,000 vessels pass through the waterway despite what it called unwarranted Iranian aggression. Bessent told "Squawk Box" that talks with Iran were under way and that an agreement to open the strait could come today or tomorrow. The report also said the White House and Pentagon maintained that U.S. forces have more than enough munitions after earlier reports on missile stockpile depletion.

A string of benign inflation reports in Brazil has cemented market bets on another interest-rate cut this month and prompted some economists to consider further monetary easing this year, according to Bloomberg.

According to Jin10, sources said India may impose fees on cooking gas and natural gas consumers to help fund a planned $42 billion strategic fuel reserve after supply disruptions triggered by the Iran war. Sources said the plan would expand India's strategic reserves beyond crude oil for the first time, with reserves intended to meet about two months of crude oil and liquefied natural gas demand and about six weeks of liquefied petroleum gas consumption. Sources said funding for cooking gas and gas storage infrastructure would come from user fees, which are expected to raise about $1.5 billion a year. The oil and gas ministry is considering a fee of 1.29 rupees per kilogram of liquefied petroleum gas, which would raise about $460 million a year and increase the cost of a standard household cooking gas cylinder by about 18 rupees. For natural gas, the ministry has proposed a fee of 1.43 rupees per standard cubic meter, which would raise about $1 billion a year at current consumption levels.

According to Jin10, Japan's Finance Minister Satsuki Katayama said the surplus in the special foreign exchange account has been used.

According to CNBC, Walt Disney reports fiscal third-quarter earnings before the bell on Wednesday, with investors watching the direction of its streaming and theme parks businesses and for more updates on CEO Josh D'Amaro's growth strategy. Wall Street expects earnings per share of $1.86 and revenue of $25.40 billion, according to LSEG. D'Amaro took over from Bob Iger less than five months ago, and the company has since announced layoffs, with the most recent round reportedly in July across divisions including ESPN. Investors will also look for updates on subscriber and advertising growth at Disney+ and ESPN's direct-to-consumer app, while theme parks remain a key source of revenue and profit.

German chipmaker Infineon expects fourth-quarter revenue for the period through September to reach about 4.7 billion euros, above analysts' average estimate of 4.6 billion euros. According to ChainCatcher, the company said stronger demand for data center chips and higher prices are driving the increase.
Infineon CEO Jochen Hanebeck said demand for power solutions for AI data centers remains strong and is a key growth driver for the company.

Far East Horizon (3360) reported interim profit of RMB 2.22 billion for the six months ended June 30, up 2.7% from a year earlier, according to Ming Pao.
Earnings per share were RMB 0.47. The company declared an interim dividend of HK$0.25 per share, unchanged from the same period last year.

Shein plans to begin gauging investor demand for its Hong Kong IPO as soon as this week and could launch its roadshow on Thursday, aiming to list this month and raise about $2 billion to $3 billion, according to Ming Pao. Bloomberg cited people familiar with the matter. Shein's representatives have not commented on the report.

According to Jin10, Abu Dhabi National Oil Company said GCC retail fuel sales fell 2.6% year on year in the second quarter to 2.03 billion liters, mainly due to high oil prices.

According to Jin10, the UK 10-year gilt yield fell to 4.889%, its lowest level in more than three weeks.

Bank of America expects the yen to strengthen after intervention measures and has lowered its year-end dollar-yen forecast from 152 to 149. According to ChainCatcher, the pair was trading around 157.7 at the time of the report.

According to Yonhap, Coupang Inc. swung to a second-quarter net loss of 865 billion won ($570 million) from a profit of 43.5 billion won a year earlier as fines tied to a massive data breach hit results. The U.S.-listed e-commerce company said Product Commerce sales, its core online shopping business, rose 1% year on year to $7.42 billion, while revenue at Developing Offerings, which includes Taiwan and Coupang Eats, climbed 20% to $1.43 billion.
Coupang said operating loss widened to 835 billion won from an operating profit of 209.3 billion won a year earlier, even as total sales increased 4% to 13.3 trillion won. The company said it repurchased $459 million of shares in the quarter after its board approved a $1 billion buyback program in the previous quarter.
Chief Financial Officer Gaurav Anand said the quarter included fines recently imposed by South Korean regulatory authorities and that the company plans to appeal them in court. Coupang also said the Personal Information Protection Commission imposed a record 624.7 billion won fine in June over the breach and the collection of users' online activity without consent. Separately, the company said South Korea's National Tax Service imposed additional taxes of $208 million after auditing the 2021-2025 tax years of its local subsidiaries, and Coupang said it disagreed with the proposed adjustments.

U.S.-Iran negotiations lifted Wall Street overnight, and U.S. futures extended gains this morning, helping Asian markets move higher, according to Ming Pao.
Chip stocks led the advance. South Korea's Kospi rose more than 4%, the Kosdaq gained more than 2%, Taiwan stocks climbed more than 3%, and Australian shares touched a record high. The Hang Seng Tech Index rose to an intraday high of 4,948.5, its highest level since June 5, when it reached 4,969.03.

Oil steadied after a two-day decline as traders grew optimistic that a deal could be reached to reopen the Strait of Hormuz, freeing up supply trapped in the Persian Gulf, according to Bloomberg.

European investment-grade credit’s relative appeal versus the U.S. could weaken if the region takes on significantly more bond issuance from hyperscalers, according to Bloomberg. Morgan Stanley Investment Management Inc. strategist said the added supply could erode Europe’s attractiveness to investors.

The U.S. Treasury and Japan's Ministry of Finance intervened in the foreign-exchange market last week, helping push the yen back above 160, according to Ming Pao.
OCBC Singapore global financial markets and Greater China research head Xie Dongming said the U.S. does not want Japanese government bond yields to rise, which could lift U.S. bond yields as well. He said past experience shows intervention usually does not last long and that the key factor is the Bank of Japan's stance. If the BOJ fails to signal a hawkish stance, the yen could move back to the 160 level again. OCBC currently expects the yen to end this year at 163, its pre-intervention level.