Asian Equities Fall as Samsung, SK Hynix Weigh: Markets Wrap

(Bloomberg) — Asian equities fell Friday, as concerns over the impact DeepSeek will have on the artificial intelligence market pressured South Korean chipmakers. US futures climbed after robust results from Apple Inc.

A gauge of Asian shares snapped a two-day gain, with SK Hynix Inc. and Samsung Electronics Co. tumbling in delayed reaction to the selling of AI stocks as the nation’s markets reopened after the Lunar New Year holidays. The former is a key supplier to Nvidia Corp. while Samsung’s pivotal chip division reported a smaller-than-expected profit.

Earnings for mega-cap tech companies face heightened scrutiny after investors had dumped AI-related stocks earlier this month. Nvidia shares rose Thursday but remained on track for the worst week since September. The Nasdaq 100 is also set to decline for the first week in three.

A gauge of the region’s shares fell, snapping a two-day gain, although the index remains on course for its first monthly advance since September, when Chinese policymakers unveiled new stimulus. The markets of mainland China, Hong Kong and Taiwan remain closed for the Lunar New Year.

Australian stocks and US futures edged higher, partly reflecting robust results from Apple that lifted the iPhone-maker’s shares in after-market trading. Intel Corp. also rose post-market after reporting better-than-projected fourth-quarter revenue.

Samsung “missed consensus, mainly from the semiconductor division,” said SK Kim, Daiwa Securities executive director and analyst, speaking on Bloomberg Television. “In semiconductors, Samsung has higher exposure to China and they are also supplying the AI chips to Chinese customers.”

Treasuries slipped after ending Thursday’s session little changed. The Fed’s favored inflation gauge, the personal consumption expenditures index, is due later Friday and is expected to show a small acceleration in price hikes.

“Friday’s PCE is likely to show that inflation is still elevated and above the Fed’s target, and it comes at a time when markets are hyper jittery about a trifecta of other issues, including big tech, AI and Federal Reserve uncertainty,” said Carol Schleif at BMO Private Wealth.

Gold was steady after touching a record high to trade around $2,795 per ounce Friday. It’s on track for the best month since March. Oil prices also gained, with West Texas Intermediate at around $73 per barrel.

In the foreign exchange market, the currencies of Mexico and Canada slumped on Thursday after President Donald Trump said he would follow through on his threat to impose 25% tariffs on imports from both countries as early as Saturday. Trump cited the flow of fentanyl and large trade deficits as among the reasons for the decision. Trump also reiterated possible levies on China.

Elsewhere in currencies, a gauge of the dollar was on track for its best week in the past seven, though still down for the month as investors parse tariff news. The yen held its advance from the prior session to trade around 154 per dollar in the wake of comments from Bank of Japan Deputy Governor Ryozo Himino reaffirmed views that the central bank will keep raising rates this year.

Key events this week:

• US personal income & spending, PCE inflation, employment cost index, Friday

Some of the main moves in markets:

Stocks

• S&P 500 futures rose 0.3% as of 11:07 a.m. Tokyo time
• Japan’s Topix was little changed
• Australia’s S&P/ASX 200 rose 0.5%
• Euro Stoxx 50 futures were little changed

Currencies

• The Bloomberg Dollar Spot Index rose 0.2%
• The euro was little changed at $1.0388
• The Japanese yen was little changed at 154.16 per dollar
• The offshore yuan was little changed at 7.2932 per dollar

Cryptocurrencies

• Bitcoin fell 0.3% to $104,732.42
• Ether rose 0.8% to $3,270.76

Bonds

• The yield on 10-year Treasuries advanced two basis points to 4.53%
• Japan’s 10-year yield advanced 1.5 basis points to 1.225%
• Australia’s 10-year yield advanced three basis points to 4.40%

Commodities

• West Texas Intermediate crude rose 0.6% to $73.18 a barrel
• Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.

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