Asia stocks rise as tech rout stalls.
Most Asian stocks advanced on Thursday as technology shares steadied from a recent rout, with Australian markets reaching record highs on positive business activity data for August.
Chinese shares also advanced, hitting multi-year highs amid growing optimism over an economic recovery and stimulus. Japanese markets lagged, as data showed a sustained, albeit narrowing contraction in the manufacturing sector.
Regional markets shrugged off middling overnight cues from Wall Street, as sustained selling in tech pressured Wall Street. Markets were also spooked by somewhat hawkish signals from the minutes of the Federal Reserve’s July meeting, which reiterated the bank’s wait-and-see approach on interest rate cuts.
S&P 500 Futures were flat in Asian trade, with focus now squarely on Fed Chair Jerome Powell’s address at the Jackson Hole Symposium this week.
China shares back at multi-year highs, S.Korea rebounds
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rose 0.9% and 0.7%, respectively. The CSI 300 reached its highest level since October 2025, while the SSEC reclaimed an over nine-year peak.
Bitcoin price today near $114k.
Bitcoin held below $114,000 on Thursday as investors stayed cautious before a speech from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium, while political pressure on the Fed added to uncertainty.
The world’s largest cryptocurrency last traded 0.2% higher at $113,972.7 as of 01:55 ET (05:55 GMT).
It was just shy of reaching a six-week trough as it fell to as low as $112,386 in the previous session.
Bitcoin muted amid Fed rate caution, political pressures
Markets are bracing for the Federal Reserve’s annual symposium in Jackson Hole, where Chair Jerome Powell will speak on Friday.
Investors have avoided big moves before the speech, leaving Bitcoin trapped near two-week lows.
Oil extends gains.
Oil prices extended gains on Thursday, bolstered by signs of strong demand in the U.S., with uncertainty over efforts to end the war in Ukraine also lending support.
Brent crude futures hit a two-week high in early trade and were up 27 cents, or 0.40%, to $67.11 a barrel at 0442 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.46%, to $63 a barrel.
Both contracts climbed over 1% in the prior session.
U.S. crude inventories fell by 6 million barrels last week to 420.7 million barrels, the U.S. Energy Information Administration said on Wednesday, against expectations in a Reuters poll for a 1.8 million-barrel draw. [EIA/S]
Gasoline stocks dropped by 2.7 million barrels, versus expectations for a 915,000-barrel draw, the EIA said, indicating steady driving demand during the summer travel season. That was also seen in a jump in the four-week average for jet fuel consumption to its highest since 2019.
“Crude oil prices rebounded as signs of strong demand in the U.S. boosted sentiment,” Daniel Hynes, senior commodity strategist at ANZ, said in a note on Thursday.
Hynes cautioned, though, that some “bearish sentiment remains evident as traders continue to monitor negotiations to end Russia’s war against Ukraine.”
Traders and analysts expect oil prices to fall once a peace deal is reached, but any continued lack of concrete progress in negotiations could underpin the market.
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