Asian markets rebound after tech sell-off triggered by US election

Summarised from 2 outlets · Updated 9 Nov, 05:17 · Archive

Asian stock markets have rebounded after last week's technology sell-off, which was sparked by Democratic success in US midterm elections.

Asian stock markets rebounded on Monday after last week's sharp technology sell-off, which had pushed many indices into bear market territory. The decline was triggered by a $2.5 trillion sell-off on Wall Street on Thursday, following Democratic success in US midterm elections. Investors feared that Democratic-controlled legislatures could slow the rollout of data centres used to power artificial intelligence.

Key indexes made substantial gains. In Tokyo, the benchmark Nikkei 225 rose 3.45 per cent. In Taipei, the Taiex was 5.72 per cent higher, while the Kospi in Seoul rose 1.68 per cent. Hong Kong's Hang Seng Index was up 0.19 per cent. Wall Street futures also climbed, with the S&P 500 and Nasdaq 100 both up around 0.60 per cent, though they had dipped earlier following US chip giant Nvidia's announcement that it would investigate CEO Jensen Huang over a romantic relationship.

Nvidia's board said it had confidence in Huang and had no reason to believe national security or company secrets were compromised. The board stated that Huang supported the independent inquiry and pledged his full cooperation. 'The Board prioritises U.S. national and economic security, which is paramount to the interests of NVIDIA and its shareholders,' the company said.

How it is being reported

• Asian stocks rebound after AI routDeclines last week had pushed many indices into bear market territoryFinancial Times · 9 Nov, 04:54
• Asian stock markets climb after earlier tech routMarkets rebound after tech rout triggered by Democrats' sweeping victory in US midterm elections.Al Jazeera · 9 Nov, 04:03

In this story: Democratic Party · Nvidia · Jensen Huang · Japan · South Korea · Taiwan · Hong Kong · United States

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log