HONG KONG – Asian markets moved higher Tuesday, extending Wall Street’s rebound and recouping much of the ground lost during last week’s sell-off.
U.S. stock futures posted modest gains, while oil prices declined.
Japan’s Nikkei 225 surged 2.6% to 60,279.37.
SoftBank Group, an investor in OpenAI, jumped 15% before releasing its earnings later Tuesday. The stock had dropped to a one-year low in the previous session.
Tokyo Electron, which supplies equipment for chip production, gained 5.6%, while semiconductor testing company Advantest added 3.4%.
South Korea’s Kospi advanced 4% to 5,219.37. Samsung Electronics rose 4.6%, and SK Hynix climbed 5.6%.
Hong Kong’s Hang Seng Index added 0.4% to 24,535.74, while the Shanghai Composite edged up 0.4% to 3,673.54.
Chinese customs figures released Tuesday showed exports rose 35.2% in October from a year earlier, while imports increased 41.6%.
The figures leave China on course for another annual trade record, with the country’s trade surplus for 2026 already exceeding $1 trillion.
Australia’s S&P/ASX 200 gained 1.1% to 9,131.70.
Taiwan’s Taiex rose 3.4%.
In the U.S. on Monday, the S&P 500 climbed 2.3% for its second consecutive advance. The index had suffered a sharp decline amid concerns that Democratic victories in the midterm elections could slow the construction of artificial intelligence data centers. Monday’s rally, its strongest since April, left the S&P 500 just 3.4% below the record reached last month.
The Dow Jones Industrial Average rose 2.2%, while the Nasdaq composite gained 2.7%.
Lower Brent crude prices supported the market. Oil fell after President Donald Trump told CNN over the weekend that renewed U.S. strikes on Iran were “highly unlikely” if negotiations toward ending the war continue to make progress.
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Still, U.S. Secretary of State Marco Rubio said Sunday that some Iranian demands had been “outrageous and ridiculous.”
A series of better-than-expected earnings reports from major U.S. companies also helped lift investor sentiment.
Constellation Energy advanced 10.5% after reporting summer profit and revenue that exceeded Wall Street forecasts.
AI data centers have faced growing political scrutiny since Democrats won victories in last week’s election. Investors are concerned that governments could impose limits on the industry, reducing demand for artificial intelligence products and services tied to the sector’s rapid expansion.
Those concerns added to worries that high borrowing costs could slow new data-center construction. Critics had already argued that AI-related stocks had risen too far and were showing signs of a bubble.
Nvidia, widely viewed as the leading symbol of the AI boom, fell 4.3%. The chipmaker said it was investigating after CEO Jensen Huang acknowledged an intimate relationship with a business executive who, according to The New York Times, had been identified by U.S. intelligence as collecting information for China.
Nvidia’s board said it had “no reason to believe” that national security or company secrets had been compromised, but said its review would consider all available information.
Guo Jiakun, a spokesperson for China’s Ministry of Foreign Affairs, dismissed the allegations as “nothing but smears against China.”
A decline in Treasury yields over the past month has helped lower mortgage rates and borrowing costs for other loans. The move has also supported prices for stocks and other assets.
In early Tuesday trading, Brent crude, the international benchmark, slipped 0.9% to $91.74 per barrel. U.S. benchmark crude fell 1% to $85.97 a barrel.
The U.S. dollar strengthened to 158.06 Japanese yen from 157.90 yen. The euro weakened to $1.1222 from $1.1266.
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AP Business Writer Stan Choe contributed to this report.
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