Stock information is displayed on an electronic board and pedestrians are reflected in the window at the Australian Stock Exchange, operated by ASX Ltd., on August 6, 2024 in Sydney, Australia.
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Asia-Pacific markets fell on Tuesday despite a lack of major catalysts after Wall Street’s two main indexes rose overnight on optimism about technology.
Amazon’s stock rose 4% on its $38 billion deal with OpenAI, which will see it use hundreds of thousands of Nvidia’s graphics processing units. Nvidia also rose about 2% after securing an export permit to ship its chips to the United Arab Emirates.
australian S&P/ASX 200 The currency fell 0.91% to 8,813.7 after the Reserve Bank of Australia left the cash rate unchanged at 3.6% due to concerns about rising inflation.
Japanese Nikkei Stock Average fell 1.74% to close at 51,497.2, while TOPIX fell 0.65% to 3,310.14. Korean Kospi fell 2.37% to 4,121.74, while the small-cap Kosdaq rose 1.31% to 926.57.
The Kospi has risen in 12 of the past 15 sessions, hitting multiple new highs this month on the back of global AI tailwinds and regional structural changes that have steadily eroded the long-standing “Korean discount.”
On Tuesday, South Korea also announced it would triple its AI spending in 2026, with President Lee Jae-myung reportedly saying 10.1 trillion won ($7 billion) would be allocated to AI transformation, according to South Korean media outlet Yonhap News.
The budget, which is triple the 3.3 trillion won allocated to AI this year, will help South Korea become one of the world’s top three AI powers, Lee said.
hong kong Hang Seng Index fell 0.79% to 25,952.4, while the mainland CSI 300 fell 0.75% to 4,618.70.
High-tech industry spending a night in the US Nasdaq Although it increased by 0.46%, S&P500 It rose by 0.17%. of Dow Jones Industrial Average It was a laggard and fell 0.48%.
—CNBC’s Sean Conlon and Fred Imbert contributed to this report.
