Market watch: Asian stocks rebound as tech fuels gains; oil climbs as Ukraine targets Russian refineries

Asian stocks opened with modest gains on Tuesday, supported by a rebound in technology and artificial intelligence shares, while oil prices advanced amid growing concerns over supply disruptions linked to the Russia-Ukraine conflict.In equity markets, shares in Japan and South Korea recovered after Monday’s losses, though Australian stocks slipped. US equity-index futures traded lower after Wall Street was closed for the Labour Day holiday.According to Bloomberg, Alibaba Group Holding Ltd. surged 19% in Hong Kong, its biggest jump in three years, after reporting triple-digit growth in AI-related product revenue and a 26% rise in cloud sales. The rally lifted the MSCI Emerging Markets Index by 0.7%, marking its best session in a week.West Texas Intermediate crude also climbed in early Asian trading, extending gains from recent sessions. Brent crude rose 40 cents, or 0.59%, to $68.55 a barrel, while WTI added $1.05, or 1.64%, to $65.06 by 0149 GMT, news agency Reuters reported. WTI futures did not settle on Monday because of the US holiday.Oil markets remain under pressure after Ukrainian drone attacks disabled Russian refineries that account for at least 17% of the country’s processing capacity, or about 1.1 million barrels per day, according to Reuters. Ukrainian President Volodymyr Zelenskyy said new strikes deep into Russia were planned, intensifying concerns about risks to global energy infrastructure. “Ongoing risks to energy infrastructure in Russia remain high,” said Daniel Hynes, senior commodity strategist at ANZ, as quoted by ReutersElsewhere, gold prices rose for a sixth straight session, marking the longest streak since April 2024, while Treasury yields edged higher with the US 10-year rising three basis points to 4.26%, as per Bloomberg. Investors are now awaiting key US economic data and the Federal Reserve’s rate decision later this month, alongside an OPEC+ meeting on September 7 for direction on oil supply policy.