Stocks up in Asia as tech mood shifts, oil slides - Markets - Business Recorder

• The Dow Jones Industrial Average and S&P 500 closed at record highs, with all three major US indices ending the session higher. • Market gains were primarily driven by strong earnings reports from AI-linked companies and investor optimism regarding potential deals in the Middle East.

• South Korea's KOSPI index surged over 5% on Wednesday, bringing its two-day recovery to a total of 7% after a significant selloff in July. • The rally was driven by record highs on Wall Street tied to AI earnings, strong demand for semiconductor leaders like Samsung, and falling oil prices.

• South Korea's Kospi and other Asian markets declined following a period of US tech rallies, with MSCI’s Asia Pacific gauge sliding 0.7%. • Market performance was mixed across the region: Japan’s Topix fell 0.3% and Hong Kong’s Hang Seng dropped 0.5%, while Australia’s S&P/ASX 200 rose 1.3% and the Shanghai Composite gained 0.2%.

• Asia multi-strategy hedge funds experienced significant monthly drawdowns, coinciding with a 22% slump in Korea’s Kospi Index and an 8% decline in Japan’s Nikkei 225. • Specific losses were reported by major firms, including a 9% retreat for Hong Kong-based Pinpoint Asset Management and a 6.5% drop for Singapore’s $9 billion Dymon Asia fund.

• The Indian stock market ended in the red on Tuesday, with the Nifty 50 snapping a four-day winning streak on its expiry day. • Market volatility was attributed to the new closing auction session, while international markets saw the Hang Seng Index weaken by 0.6%.

• Banco Santander has received official approval from the Federal Reserve, OCC, and European Central Bank to acquire Webster Financial Corporation. • Webster Financial Corporation, which manages over $80 billion in total assets as of June 30, 2026, operates across commercial, healthcare, and consumer banking sectors in the U.S.

• SAMHI Hotels' board approved fundraising of up to Rs 750 crore and the acquisition of a 100% stake in Itmenaan Lodges for Rs 12 crore. • Power Grid acquired Krishnagiri REZ Transmission for approximately Rs 19.82 crore to develop transmission systems and substations across Andhra Pradesh, Telangana, and Karnataka.

• Euro zone business activity surged to an eight-month high in July, driven by a rebound in the services sector and a strengthening manufacturing sector. • New orders reached their fastest growth pace since November, while employment levels stabilized following a six-month trend of job losses.

• European stock markets, including the DAX, CAC, and FTSE 100, advanced as strong corporate earnings and positive U.S. manufacturing data boosted investor confidence. • Notable market movers contributing to the upward trend included companies such as Travis Perkins, Bayer, and BP.

• The European Central Bank (ECB) reports a significant venture capital gap in the EU, where a scarcity of local investors capable of providing scale-up financing persists. • Due to this shortage, high-growth European firms are increasingly forced to seek funding from foreign investors to sustain their growth.

• The Euro area services sector drove a rebound in business activity during July, according to the latest S&P Global PMI data released on August 5, 2026. • A significant drop in PMI price gauges may allow policymakers to delay further interest rate hikes until the inflation outlook becomes clearer.