Highlights
- ASX 200 closes 1.1% higher near 9,129
- Nikkei jumps almost 3% above 60,500
- KOSPI surges around 4% as chipmakers rebound
- China trade surplus tops US$1 trillion for 2026
ASX closes at 11-week high
Asian markets rallied on Tuesday as investors returned to technology and semiconductor stocks following Wall Street’s strongest session in months, while another sharp fall in oil prices helped ease concerns over inflation and interest rates.
The recovery was strongest in Japan and South Korea, while Australian shares finished firmly higher despite fresh data showing consumer and business confidence deteriorating.
ASX closes at 11-week high
The S&P/ASX 200 closed around 1.1% higher at 9,129 after reaching an intraday high of about 9,160, its strongest level in roughly 11 weeks.
The rally was broad based after Wall Street’s overnight surge encouraged investors back into risk assets, with mining and technology stocks among the stronger performers.
The positive equity session contrasted with increasingly gloomy Australian economic data.
The Westpac-Melbourne Institute Consumer Sentiment Index fell 2.7% to 78.2 in November, its lowest level in four years, as higher interest rates and cost-of-living pressures continued to hit households.
Business confidence also deteriorated, with NAB’s October index falling to -15 from -13, while business conditions slipped to -2 and forward orders plunged 11 points to -12.
Japan pushes back above 60,000
Japan’s Nikkei 225 was almost 3% higher at around 60,500 late in the session, recovering strongly from last week’s technology-led rout.
SoftBank Group surged more than 14% ahead of its latest earnings, while semiconductor equipment companies also rallied as investors returned to beaten-down artificial intelligence stocks.
The market shrugged off weak domestic data showing household spending fell 6.8% year on year in September, its steepest decline since 2020.
Japan’s current account surplus also narrowed to ¥2.37 trillion, below market forecasts.
Korean chipmakers lead regional rally
South Korea delivered one of the region’s strongest performances, with the KOSPI gaining around 4% to trade near 5,220.
Samsung Electronics rose around 5% and SK Hynix gained more than 5% as chipmakers recovered from last week’s sharp sell-off.
The rebound followed heavy losses late last week when concerns over stretched AI valuations and the outlook for data-centre investment triggered aggressive selling across technology markets.
Taiwan also participated in the recovery, with the Taiex jumping more than 3%.
China trade surplus exceeds US$1 trillion
Mainland Chinese and Hong Kong markets posted more modest gains.
The Shanghai Composite was around 0.2% higher near 3,667, while Hong Kong’s Hang Seng was little changed to slightly higher around 24,480.
China’s October trade data provided another sign of strong external demand, with exports jumping 35.2% from a year earlier and imports rising 41.6%.
The figures pushed China’s cumulative 2026 trade surplus above US$1 trillion.
Wall Street posts strongest session since April
The rally followed a powerful rebound on Wall Street on Monday.
The S&P 500 jumped 2.3% to 7,550, the Nasdaq Composite surged 2.7% to 25,253 and the Dow Jones gained 1,104 points, or 2.2%, to 52,390.
Technology stocks broadly recovered, although Nvidia bucked the trend and fell 4.3% as the company investigated reports involving chief executive Jensen Huang.
Falling oil prices also supported sentiment after concerns over further US military action against Iran eased.
Oil extends slide as gold holds above US$4,100
Brent crude fell another 0.9% during Asian trading to around US$91.70 a barrel after plunging almost 6% on Monday, while West Texas Intermediate eased towards US$86.
Gold held around US$4,120 an ounce after rising strongly overnight.
The Australian dollar traded around US$0.692, while the US dollar strengthened to about ¥158 against the Japanese yen.
Attention now turns to US October inflation data later on Tuesday, which could determine whether the global technology rebound has further room to run.
