After the clamor of human voices

A few days ago, I wrote that the global tech rally is receding: when overseas markets rise, A-shares don’t necessarily follow; but when overseas markets fall, A-shares inevitably tumble. Last night, U.S. stocks plunged—U.S. CPI for September came in higher than expected, reigniting concerns about a resurgence of inflation and reviving market expectations of further Fed rate hikes. Credit risks along the AI supply chain are also mounting. CoreWeave—a U.S.-based AI cloud computing firm backed by NVIDIA—has aggressively borrowed to purchase GPUs and build data centers over recent years. Recently, its bond prices have continued falling, and Elon Musk publicly questioned its debt-servicing capacity, further fueling market doubts over whether massive AI capital expenditures can ever generate returns. Last night, both the S&P 500 and Nasdaq dropped over 1%, while the Philadelphia Semiconductor Index plunged 4.3%. Trading continues downward tonight, with tech hardware and AI-related stocks bearing the brunt. Asian markets naturally followed suit. Japan and South Korea opened earlier than China’s A-share market—and both turned sharply green (i.e., red on Chinese charts, indicating losses). South Korea’s KOSPI index hit a circuit breaker, while Japan’s Nikkei 225 fell nearly 5%. A-shares and Hong Kong stocks opened sharply lower—the Shanghai Composite broke below 3,700 points outright, over 5,100 stocks declined across the board, and heavy selling volume triggered panic-driven liquidations. Amid this brutal selloff, capital began flowing in toward the close: trading volumes surged dramatically for the CSI 300 ETF, ChiNext ETF, and STAR 50 ETF simultaneously. The E Fund CSI 300 ETF alone recorded RMB 19.41 billion in turnover—more than 20 times higher than the previous day, marking its highest daily volume since January 28 this year. After market close, numerous listed companies announced share buyback plans—appearing to reflect policy-guided support, including NewEase, TFCOMM, Longxin Bochuang, Changchuan Technology, Top-Eng, GigaDevice, and Biwin Storage—all high-profile tech stocks drawing strong investor attention. The intent to prop up and reassure the market was unmistakable. Yet before the U.S. market—especially U.S. equities—recovers, it’s unlikely that the already battered A-share market can stabilize on its own, even temporarily. This round of market movement differs markedly from past episodes: information spreads faster than ever, accelerating price action itself. In the past, a thematic rally—from initial consensus formation, through gradual dissemination, to emotional climax—could take months. Today, WeChat groups, Snowball forums, short-video platforms, and official accounts—combined with the influence of retail traders and algorithmic trading—can compress that entire emotional diffusion process into just a few days, a timeframe previously requiring a full month. The same applies to both positive and negative catalysts. When Korean semiconductors rallied earlier, leveraged products tied to Samsung and SK Hynix—offering double exposure—were widely circulated. Likewise, A-share commercial aerospace, chips, and semiconductor sectors saw extremely steep rallies as positive news piled up.

Overnight U.S. stock gains buoyed Asia-Pacific markets; Japanese stocks rose nearly 2%, Korean stocks briefly surged over 3%, while Indonesia’s stock market plunged 11%

Jensen Huang, CEO of NVIDIA, vouched for the financial health of AI cloud infrastructure provider CoreWeave—partially alleviating market concerns about financing pressures facing AI infrastructure players. Overnight, U.S. equity indices closed higher, and most Asia-Pacific markets followed suit on Friday. On Friday, Japan’s Nikkei 225 rose approximately 1.7%, while the TOPIX index gained 1.8%; South Korea’s KOSPI index briefly extended its early-session gains to 3.4%; Australia’s S&P/ASX 200 rose 0.89%. U.S. equity futures traded weakly: Nasdaq 100 futures fell roughly 0.5%, while S&P 500 futures remained essentially flat. Investors await remarks later today by Federal Reserve Chair Jerome Powell at an IMF event in Bangkok, seeking clues on the likelihood of a rate hike in October. Meanwhile, Indonesia’s stock market plunged over 11%—triggering a circuit breaker—after news emerged that MSCI is considering downgrading the country and removing it from its global equity indices. The U.S. Dollar Index held steady, spot gold edged down ~0.05% to around USD 4,168 per ounce, Brent crude slipped 0.1% to ~USD 105.78 per barrel, and WTI crude fell 0.67% to ~USD 97.32 per barrel. Asia-Pacific tech stocks rebounded, led by South Korea. On Friday, Asia-Pacific equity markets opened higher and maintained gains throughout the session. According to Wall Street Insights, Huang told Bloomberg at an event in Stockholm that CoreWeave’s strength improves daily and its financing costs are actually declining—he does not believe the data center operator requires rescue funding from NVIDIA. South Korea’s KOSPI index briefly widened its early-session gains to 3.4%. The technology sector drove much of the rebound: SK Hynix rose 2.22%, and Samsung Electronics climbed 2.86%. According to Reuters, South Korea’s Ministry of Economy and Finance stated it would strengthen monitoring of market risk factors, asserting that domestic fundamentals remain sound and pledging close watch over how equity volatility impacts bond, foreign exchange, and short-term funding markets. Japan’s Nikkei 225 rose ~1.7%, and the TOPIX index rose 1.8%. SoftBank Group gained 1.92%, chip equipment makers Tokyo Electron and Advantest rose nearly 2% and 1.89% respectively, and memory chip maker Kioxia surged as much as 6%. Additionally, Japan’s corporate digital transformation and IT software sectors posted broad gains. Management consulting giant BAYCURRENT surged straight to its daily limit today—jumping 17.25% intraday, closing above JPY 10,000 for the first time ever and setting a new all-time high since its listing.

Asian Stocks Rise as Calm Returns After CoreWeave Shock; Indonesia Faces Market Downgrade

17 hours ago

Asian equities rebounded following a tech-led selloff triggered by CoreWeave's debt concerns, while Indonesia faced a market downgrade. Commodity prices like crude oil and gold fluctuated amidst geopolitical tensions and potential US sanction adjustments.

reuters

2026-10-15

Asian Stocks Rise as Calm Returns After CoreWeave Shock; Indonesia Faces Market Downgrade

Asian Stocks Rise as Calm Returns After CoreWeave Shock; Indonesia Faces Market Downgrade

FAQ