Investing.com– Most Asian stocks rose on Monday, with technology shares leading gains as easing oil prices supported risk appetite, while investors awaited quarterly results from Apple amid concerns over heavy artificial intelligence spending.
U.S. stock futures also advanced in Asian trading by 04:03 GMT, offering some relief after Wall Street’s sharp selloff last week.
Tech stocks rise ahead of Apple results
South Korea’s KOSPI jumped 2.6%, with SK Hynix (KS:000660) climbing 4% and Samsung Electronics (KS:005930) rising 1.5%.
Japan’s Nikkei 225 pared early losses to trade 0.4% higher, while the broader TOPIX index slipped 0.4%.
Investors were awaiting Apple’s (NASDAQ:AAPL) earnings later on Monday, with the company’s performance and outlook expected to offer an indication of whether consumer demand can help offset mounting concerns over the enormous costs of AI infrastructure investment.
Investors will also look for commentary on early demand for its iPhone 18 range, with pre-orders having started in mid-October.
Technology stocks remained in focus after Intel plunged nearly 29% on Friday following a disappointing profit outlook, raising concerns about the earnings prospects of semiconductor companies and other AI-related businesses.
Elsewhere in Asia, China’s blue-chip Shanghai Shenzhen CSI 300 index climbed 1.3%, while the Shanghai Composite index rose 1.2%.
Hong Kong’s Hang Seng gained 0.6%, with the Hang Seng TECH sub-index climbing 3%.
Oil prices ease; RBA decision awaited
Oil prices eased, providing some support to equity markets, as diplomatic efforts continued to end the U.S.-Israeli war on Iran. Brent crude futures fell 2% to $111.15 a barrel, while U.S. crude declined 2.3% to $101.73.
India’s Nifty 50 index rose 1.1%.
Bucking the trend, Australia’s S&P/ASX 200 fell 0.5%, while Singapore’s Straits Times Index dropped 1.4%.
Investors were also positioning for the Reserve Bank of Australia’s policy decision on Tuesday. The central bank is widely expected to raise its cash rate by 25 basis points to 4.85%, which would be its fifth increase this year, after lifting the rate to 4.60% in September.
The rate outlook has hardened after data showed Australian consumer price inflation accelerated to 4.3% in September from 4.0% in August.
