Asian stocks surge, led by KOSPI on AI optimism, Wall Street gains

Asian stocks surge, led by KOSPI on AI optimism, Wall Street gains

Asian stock markets move higher on Friday, tracking overnight gains on Wall Street as a global rally in semiconductor stocks and renewed AI optimism lifted sentiment. Strong earnings from Microsoft and Amazon reinforced expectations for continued hyperscaler investment and resilient AI demand. South Korea’s KOSPI Composite surged over 14.5%, driven by major gains in SK […]

Australian Dollar inches lower as China’s NBS Manufacturing PMI falls in July

Australian Dollar inches lower as China’s NBS Manufacturing PMI falls in July

AUD/USD inches lower after registering over 1% gains in the previous day, trading around 0.7020 during the Asian hours on Friday. The pair remains subdued following the release of disappointing Chinese Purchasing Managers’ Index (PMI) data. China’s NBS Manufacturing PMI fell into contraction territory at 49.2 in July, down from 50.3 prior and below market […]

Saudi Arabia announces maritime defence alliance to protect Red Sea

Saudi Arabia announces maritime defence alliance to protect Red Sea

Saudi Arabia and 13 other countries announced the creation of an international coalition to safeguard freedom of navigation through the Bab al-Mandeb Strait, the Red Sea and the Gulf of Aden, Reuters reported on Thursday.  Saudi Arabia’s Ministry of Defence said that the Multinational Maritime Defense Alliance was established as a framework to strengthen collective […]