Chipmakers led Asian stocks higher following a rebound on Wall Street ahead of key tech earnings. The yen strengthened against the dollar.
Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. were the biggest contributors to the MSCI Asia Pacific Index’s advance, which came after a three-day loss.
US equity futures slipped while Euro Stoxx 50 contracts climbed ahead of earnings from Tesla Inc. and Alphabet Inc. due later Tuesday.
Markets are taking a breather after sky-high valuations, and sectoral rotation sparked a heavy tech selloff over the past few sessions.
While US election developments still dominate headlines, Kamala Harris now has more than enough pledged delegates to clinch the Democratic presidential nomination –offering clarity on that front.
“Looks like slight easing in financial conditions and vol easing from highs of last week post events, so broadly positive gains but not enough to sustain,” said Matthew Haupt, a portfolio manager at Wilson Asset Management.
On US data, the key is “job markets now to see if slowdown progresses to downturn,” he added.
