Asian shares rise as tech rebound holds, oil slips

Published Mon, Jul 6, 2026 · 10:05 AM

ASIAN shares advanced and US equity-index futures held onto gains from Friday (Jul 3) as technology stocks extended their rebound and oil edged lower.

MSCI’s Asia Pacific Index climbed 0.3 per cent, with more than two shares rising for every one that declined. South Korean shares led regional gains, with the nation’s benchmark Kospi index climbing 1.8 per cent.

The S&P 500 futures rose 0.5 per cent as at 9.41 am Tokyo time. The Hang Seng futures fell 0.2 per cent as the Nikkei 225 futures (OSE) fell 0.2 per cent, while Japan’s Topix rose 0.8 per cent. Australia’s S&P/ASX 200 and the Euro Stoxx 50 futures were little changed.

Sentiment toward chipmakers remained robust with Nvidia’s server assembly partner Hon Hai Precision Industry reporting stronger-than-expected sales.

SK Hynix shares rose 1.4 per cent ahead of this week’s listing of US$29 billion American depositary receipts. Samsung Electronics jumped 4 per cent after a report the company is considering increasing some chip prices.

Oil slipped as energy flows through the Strait of Hormuz persisted and Opec+ signalled higher supplies. Brent fell 0.7 per cent to US$71.65 a barrel as shipping through the US-protected corridor in the waterway showed signs of recovering.

Opec+ members also backed another modest rise in collective quotas for next month. The dollar and Treasuries were little changed in early trading.

Markets entered the second half of the year on a cautious footing as investors weigh the fallout from the Iran war’s energy shock and whether the artificial intelligence-driven rally can be sustained.

Following last week’s recovery from a two-day rout in chipmakers, attention has shifted to earnings season for signs that massive spending on AI infrastructure is translating into profits.

“Tech stocks and tech-heavy indices in the US and Asia have entered a period of consolidation ahead of the Q2 earnings season,” said Tony Sycamore, an analyst at IG Markets in Sydney.

Tech stocks remain in focus after losses last week in the US were fuelled by concerns that the AI-driven rally had run ahead of itself.

Sentiment appeared to stabilise with equity-index futures for Wall Street gauges holding their gains from Friday, when the US markets were shut for a holiday. 

Futures for the S&P 500 Index rose 0.5 per cent, while those for the Nasdaq 100 climbed 1.2 per cent. 

In other corners of the market, gold gave up its initial gains to trade around US$4,175 an ounce. Silver rose 0.4 per cent to about US$62.74 an ounce. 

Meanwhile, Goldman Sachs revised its yen forecast to 165 per dollar in a year’s time from 155 previously. The Japanese currency traded at 161.54 per dollar in early Asian trading.

“The broader macro backdrop of higher-for-longer US yields, low recession risk, lingering fiscal concerns, and only gradual Bank of Japan hikes strongly argues for continued depreciation pressure on the currency,” Goldman Sachs strategists including Kamakshya Trivedi wrote in a note.

The won was also in focus. The Korean currency was little changed after rebounding late Friday from its weakest level against the dollar since 2009 after a person familiar with the matter said the nation’s officials were preparing for currency flows related to SK Hynix’s ADR offering.

The move to 24-hour trading for the currency is the centrepiece of Seoul’s years-long push to improve foreign investors’ access to local markets and bolster the case for an upgrade to MSCI’s developed-market index.

Treasuries were steady as cash trading resumed following Friday’s holiday. The US sovereign debt market faces a test of investor demand for longer maturities this week, with auctions of 10- and 30-year Treasuries highlighting an otherwise light week for economic events. 

The auctions come as minutes from the Federal Reserve’s June meeting will be closely parsed after chair Kevin Warsh tempered his hawkish inflation stance on Jul 1.

Traders trimmed expectations that a hike was imminent following softer-than-expected jobs data and Warsh’s comment that inflation pressures had eased. BLOOMBERG