Most Asian shares rose, led by tech firms as new US curbs on Chinese access to vital components for chips and AI proved to be less punitive than feared.
Equity benchmarks gained in markets from Japan to Australia, while Chinese stocks were under pressure after the yuan fell to a one-year low against the dollar on concerns about a weak economy and heightened tensions with the US.
US futures were steady after the S&P 500 notched its 54th closing record this year on Monday, and the tech-heavy Nasdaq 100 rose more than 1%.
The generally positive tone for Asian equities came as investors breathed a sigh of relief that the Biden administration’s fresh restrictions on tech exports to China fell short of earlier proposals that would have sanctioned more key Chinese firms.
That said, sentiment remains fragile toward the world’s No. 2 economy, amid disappointment with Chinese leaders’ decision to skip releasing a key meeting’s readout that many had hoped for receiving new policy signals from.
