A gauge of Asian currencies hit its lowest in almost two decades against the dollar and equities fluctuated, with gains from a buoyant chip sector countered by declines in Japanese stocks.
Benchmarks in Taiwan and South Korea advanced, helped by SK Hynix Inc. and other technology firms after Microsoft Corp.’s plan to spend $80 billion on data centers stoked interest.
Hon Hai Precision Industry Co., the assembly partner to Nvidia Corp. and Apple Inc., rallied after the company also known as Foxconn reported better-than-expected revenue.
Japan’s Topix dropped, with Nippon Steel Corp. declining after US President Joe Biden blocked the company’s planned $14.1 billion takeover of United States Steel Corp.
US equity futures pointed to a weaker open on Wall Street later in the day. The up-and-down action in Asian stocks suggests investors are wary of piling on more risk due to looming US-China trade tensions.
While monetary policy easing, Beijing’s stimulus measures, and AI-driven optimism may power gains, tariffs threaten to undermine momentum.
