Stocks rose as Asian semiconductor makers advanced ahead of Nvidia Corp.’s results, with traders looking to the chip bellwether’s earnings for the next beat in the artificial intelligence trade.
Oil extended its decline. MSCI’s Asia Pacific equities gauge climbed 1%, with Samsung Electronics Co. and SK Hynix Inc. the biggest contributors. Chip stocks had also advanced on Wall Street, with Nvidia snapping a seven-day run of losses before its earnings Wednesday.
As sentiment improved, US equity-index futures pared earlier losses to trade little changed. European shares were set for modest gains.
Adding to the mood was Brent, dropping for a third consecutive day as Iran and Oman discussed an “interim framework” aimed at resuming shipping through the Strait of Hormuz.
The commodity fell 2.6% to around $86.30 a barrel, extending this week’s decline to 8.6%. Oil’s drop eased inflation concerns, helping bonds rally. Treasuries held their gains from Tuesday, when the benchmark 10-year yield fell seven basis points.
Government bonds in Japan and New Zealand also advanced, while those in Australia erased earlier gains and fell after an inflation report boosted bets on an interest-rate hike.
