Asian markets mixed as tech recovery stutters, oil slips

HONG KONG – Asian markets were mixed yesterday as last week’s late tech recovery petered out, with traders turning their focus to the upcoming earnings season.

After a tough end to June – fuelled by worries that valuations linked to the AI boom may have been overdone – the mood was lifted on Thursday by data showing fewer US jobs than expected were created last month.

That soothed fears the Federal Reserve could hike interest rates soon to bring down inflation, and fuelled a healthy bounce across Asia, led by Seoul.

However, traders remain edgy and tech firms once again saw big moves on Monday, with Seoul swinging from a near two percent gain to a more than two percent loss. The Kospi closed slightly lower.