Asian shares mostly higher tracking Wall Street's fresh records oil prices fall

Asian shares mostly climbed Wednesday, tracking Wall Street’s record gains, as artificial intelligence-driven demand lifted tech stocks. South Korea’s Kospi surged nearly 5 percent to an all-time high of 8,457.09, led by Samsung Electronics, which rose 7 percent. Taiwan’s Taiex also jumped 2.7 percent, while Tokyo’s Nikkei 225 climbed 1.3 percent to 65,816.62, surpassing 66,000 intraday for the first time. Tech-related stocks like Tokyo Electron and Advantest gained 5.9 percent and 5.7 percent, respectively. The rally followed Micron Technology’s 19.3 percent advance, fueled by UBS analyst Timothy Arcuri raising the stock’s 12-month price target to $1,625 from $535. Micron closed at $895.88, more than tripling this year and joining Nvidia, Apple, and Microsoft as a $1 trillion company. AI investment demand has pushed South Korea and Taiwan’s markets to records in 2024. US stocks set new highs Tuesday, with the S&P 500 rising 0.6 percent to 7,519.12 and the Nasdaq hitting 26,656.18, while the Dow Jones dipped slightly. Markets had rallied earlier on hopes of a potential Iran-Israel ceasefire, though fighting continues and oil prices remain volatile. Brent crude fell to $95.73 a barrel, while US crude dropped to $92.54, easing pressure on Wall Street. Lower oil prices also reduced US bond yields, with the 10-year Treasury falling to 4.48 percent. The US dollar slightly weakened against the yen, while the euro rose to $1.1636. Meanwhile, consumer confidence in the US dipped in May, though not as sharply as expected, following a record-low sentiment reading the prior week. Hong Kong’s Hang Seng declined 0.7 percent, and Shanghai’s Composite fell 0.2 percent, while Australia’s S&P/ASX 200 edged up 0.1 percent. The mixed regional performance reflected broader market uncertainty amid geopolitical tensions and inflation concerns.