Emerging-Market Stocks Rise as Alibaba, TSMC Join AI Rally
Emerging-market stocks advanced for the third consecutive day, driven primarily by technology giants in Taiwan and China joining a rally led by South Korean peers. The MSCI EM equity index rose 0.7%, with Taiwan Semiconductor Manufacturing Co., Alibaba Group, and Samsung Electronics accounting for more than the total gains of the benchmark. This surge is fueled by optimism that ongoing talks between the United States and China will improve trade relations and boost demand for artificial intelligence-related hardware and services. While the information technology sector jumped 1.4%, other sectors such as utilities, energy, and industrials declined, highlighting a sharp bifurcation in emerging markets between AI-linked stocks and the rest. Analysts note that as long as US hyperscalers continue increasing capital expenditure, earnings from Asian suppliers will likely outperform other segments. Meanwhile, emerging-market currencies remained largely steady against a flat US dollar, although the Turkish lira and Hungarian forint faced pressure due to domestic economic adjustments and geopolitical tensions involving the US-Israeli conflict with Iran.
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