28/10/2026
Asian stock markets rose for a second consecutive day amid renewed enthusiasm for AI trades, with investors awaiting earnings from tech giants and the Federal Reserve’s upcoming interest-rate decision.
The MSCI Asia Pacific Index climbed 0.8%, led by South Korea’s KOSPI Index, which jumped 4.5%. Chipmaker SK Hynix surged after posting a sevenfold beat on profit forecasts. The firm plans to return a total of 100 trillion won (roughly $75 billion) to shareholders by 2026.
Optimism is building ahead of earnings releases: Alphabet Inc. and Microsoft Corp. are scheduled to report results on Wednesday, followed by Amazon.com Inc. on Thursday.
In commodities and FX, Brent crude oil recouped part of its losses from the prior two sessions as traders assessed diplomatic efforts to ease tensions in the Persian Gulf. Brent edged up 0.4% to around $114.35 a barrel. U.S. Treasury prices were little changed, while the U.S. Dollar Index held onto its recent gains.
The AI-driven rebound comes after a sharp pullback in chip stocks over recent weeks, and big-tech earnings will serve as a critical test for the rally. Investors are also parsing the Fed’s policy outlook; stubborn inflation and elevated bond yields have clouded the prospect of near-term rate cuts.
On the geopolitical front, Israel’s general election remains neck-and-neck between Prime Minister Benjamin Netanyahu and opposition leader Gadi Eisenkot. This is the first national vote since the Hamas attacks in 2023, and the tight race points to protracted negotiations to form a new government.
Gold extended its prior session’s advance, rising 1.1% to roughly $4,060 an ounce.
U.S. tech stocks rallied on Tuesday, with the U.S. Semiconductor Index jumping 3.6% and lifting major Wall Street benchmarks. Meta Platforms Inc.’s $25 billion share offering was five times oversubscribed, while Oracle Corp. expanded its partnership with OpenAI.
This week marks a super central bank week: the Fed will deliver its rate decision on Wednesday, followed closely by policy announcements from the European Central Bank and Bank of Japan.
Despite hotter-than-expected inflation data for September, markets widely expect the Fed to keep interest rates unchanged.
If policymakers stand pat, Fed Chair Kevin Warsh will face pressure to explain why the central bank is holding rates steady after voting unanimously to hike just one month earlier to combat rising inflation.
U.S. economic data released on Tuesday added to the market mix: U.S. consumer confidence unexpectedly rebounded to a four-month high in October, boosted by brighter labor market and business sentiment, beating all economist forecasts compiled by Bloomberg.
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