Asian equities rebounded from their worst selloff in more than two months as a recovery in gold and silver helped steady markets after Monday’s volatility, while technology stocks rallied.
The MSCI Asia Pacific Index rose 2.7%, its strongest session since markets rebounded from President Donald Trump’s century-high tariffs unveiled in April. Stocks in South Korea — a poster child for artificial intelligence and the world’s best-performing index this year — surged 5.8% with Samsung Electronics Co. jumping 8.8% and SK Hynix Inc. 7.5%.
The gains are set to carry over into Europe and the US, with futures for the Nasdaq 100 Index rising 0.5% after AI bellwether Palantir Technologies Inc. posted a stronger-than-expected sales outlook. Gold jumped as much as 4.2% and silver rose 8.1%, clawing back some losses after the abrupt unwinding of a record-breaking rally that had driven prices sharply down in the past two sessions.
Stocks are finding some stability after a steep drop in precious metals spread through risk assets, prompting widespread declines.
Market conditions have remained unsettled since President Donald Trump on Friday nominated Kevin Warsh as the next Federal Reserve chair, a candidate viewed as more focused on curbing inflation than lowering rates.
“It’s been a more orderly and calmer affair across markets,” Chris Weston, head of research at Pepperstone Group, wrote in a note to clients. “Traders are ready to re-engage with pro-risk positions.”
