Samsung, SK Hynix Rally as Oil Spike Pushes Yields Up

Asian stocks rose on Thursday as gains in Samsung Electronics and SK Hynix supported regional benchmarks, while a sharp rise in oil after renewed US-Iran hostilities pushed bond yields higher.

MSCI’s index of Asia-Pacific shares outside Japan increased 0.8%. Japan’s Nikkei gained 2.3%, snapping a three-day losing streak. South Korea’s KOSPI jumped 3.8%, with Samsung Electronics up 3.6% and memory-chip maker SK Hynix climbing 7.5%. In the United States, the Nasdaq rose 0.2%, and Nvidia added about 3.6% after reports indicated China may allow leading AI firms to buy a limited number of Nvidia H200 chips.

Brent crude rose 0.8% to $78.65 a barrel and was about 9% higher for the week, briefly trading above $80 for the first time since June 22. The increase followed US strikes intended to keep the Strait of Hormuz open and comments from former President Donald Trump describing the interim agreement with Iran as “over.” He later noted he did not expect a return to full-scale war. Higher energy prices revived concerns about rising inflation.

Those inflation concerns affected bond markets. Japan’s 10-year government bond yield climbed to 2.880%, its highest level since 1996. Australia’s 10-year yield reached levels last seen in early June. The US 10-year Treasury yield rose to about 4.585%. Fed funds futures imply roughly 38 basis points of additional tightening this year, near levels seen a week earlier. Minutes from the Federal Reserve’s June meeting showed several policymakers were already concerned about inflation, with some seeing a case for higher rates before deciding to hold policy steady.

Currency moves were modest. The dollar slipped about 0.2% to 162.38 yen, a level market participants say keeps the risk of Japanese currency intervention on the table.

Traders described a split market: investors bought semiconductor stocks on expectations of strong demand for AI-related chips after earlier selling, but remained cautious about the broader impact of higher oil and rising yields. Samsung had issued strong earnings guidance earlier in the earnings season, yet profit-taking occurred during the week.

Market participants will monitor central bank signals and movements in energy prices in the coming days as they reassess inflation and interest rate expectations.