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Asian stocks were mixed Tuesday as a tech-led record on Wall Street was tempered by ongoing worries about a spike in government borrowing costs.
Oil held most of the losses seen in response to a G7 release of stockpiles, Saudi Arabia’s price cut and a pick-up in Gulf exports to pre-war levels, though supply fears are keeping global benchmark Brent above $100 a barrel.
The US Nasdaq closed at a fresh peak thanks to rallies in tech giants including Nvidia, SpaceX and Meta, though observers pointed out that the market gains were increasingly concentrated on a few stocks.
Asia struggled to match the positive energy on Wall Street, where the Dow and S&P 500 also ended higher.
Tokyo, Hong Kong, Sydney, Jakarta and Wellington rose, but Seoul, Singapore, Taipei and Manila edged down. Shanghai was closed for a holiday.
The tepid performance comes amid long-running uncertainty among traders over the Middle East crisis, which has fanned energy costs and in turn pushed inflation higher — putting pressure on central banks to hike interest rates.
This has pushed government bond yields up to levels not seen for decades.
Analysts have pointed out that the race to build out AI data centres, servers and chips has compounded that problem, with tech titans no longer able to rely on their vast piles of cash.
Borrowing by firms including Google, Amazon and Microsoft hit around $500 billion in the nine months since January, and Goldman Sachs expects a further ramp-up in 2027, to $1.2 trillion.
“This is not something that we’ve seen before,” said Chris Della Fave, senior vice president at fundraising advisory firm Post Oak Group, who estimates that AI now accounts for 25 percent of all corporate bond issuance — up from 4 percent two years ago.
Oil prices inched up following Monday’s drop of almost two percent, though Saudi Aramco’s chief executive Amin Nasser, speaking after the G7 release, warned over global stockpiles.
“The system is already straining,” he told the Energy Intelligence Forum in London.
“And with precious little else the world can turn to, the supply resilience cushion is scarily thin.”
Middle East oil exports, excluding Iran, surpassed their pre-war levels last week despite attacks on ships in the Strait of Hormuz, according to data from the maritime tracking firm Kpler.
But Nasser warned Monday against looking at headline figures for reserves, noting that “less than 10 percent” were available.
And FOREX.com’s Fiona Cincotta said: “Tensions in the Middle East remain elevated, with several vessels coming under attack around the coast of Oman and Yemen.
