Kuaishou shares fall after Tencent joins $2.8 billion raise for Kling AI subsidiary
Kuaishou Technology shares were trading lower Friday after the company announced a capital injection of almost $2.8 billion for its artificial intelligence subsidiary, Kling AI, including backing from tech giant Tencent.
The Beijing-based short video platform disclosed the funding details in a regulatory filing released after the market closed on Thursday. The company was targeting a valuation of $15 billion from the raise, Bloomberg reported.
Kuaishou shares rose more than 5% at Friday’s Hong Kong market open but later dropped into negative territory, trading 0.1% lower.
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— Jenny Lee
Oil prices edge higher on Friday
Oil prices edged higher Friday as investors cautiously welcomed ongoing diplomatic efforts between Washington and Tehran while remaining alert to lingering geopolitical risks.
U.S. West Texas Intermediate futures gained 0.38% to $68.95 a barrel, while Brent Crude futures climbed 0.38% to $72.07 a barrel.
Trading activity was expected to be subdued with U.S. financial markets closed on Friday for the Independence Day holiday.
U.S. President Donald Trump told CNBC on Thursday that he believed Iran had “agreed to just about everything we need,” describing the conflict as the “denuclearization of Iran” rather than a broader war.
He pointed to oil prices near $68 as evidence that markets had remained relatively stable and said he did not want to see a prolonged closure of the Strait of Hormuz, warning that sharply higher crude prices could trigger a depression.
— Lee Ying Shan
Gold climbs as weak U.S. jobs data dims Fed hike bets
Gold prices rose on Friday after weaker-than-expected U.S. jobs data tempered expectations for Federal Reserve interest rate hikes.
Spot gold added 1.67% to $4,191.69 per ounce, on track for its first weekly advance in five weeks, according to data from LSEG.
Gold prices year-to-date
State Street Investment Management said gold’s rally could have further room to run, even after bullion fell 11.7% in June as higher opportunity costs and a stronger dollar weighed on sentiment.
The firm maintained its target of $5,000 an ounce by early 2027, with a 70% baseline view that prices could rise to between $4,750 and $5,500 over the next six to nine months.
While tactical headwinds have increased the chance of gold trading between $4,000 and $4,750, State Street said structural post-Covid support for bullion remains intact and sees firm price support around $3,750 to $4,000.
— Lee Ying Shan
Asia tech stocks extend sell-off as U.S. chip rout weighs on sector
Asia’s technology stocks extended their sell-off Thursday, tracking another weak session for U.S. chipmakers as investors continued rotating out of the artificial intelligence trade.
In Japan, chip equipment maker Lasertec fell 5.8%, while Renesas Electronics dropped 6.7% and Tokyo Electron declined nearly 4%. SoftBank Group, a major tech investor, lost 5.2%.
South Korean technology names were also under pressure, with chipmaking giant SK Hynix sliding 1.9% while investment holding company SK Square shed 5.4%. Battery maker Samsung SDI tumbled more than 8%, while consumer electronics firm LG Electronics fell over 6%.
Samsung Electronics bucked the broader sell-off, rising 1.4% after a report that AI startup Anthropic was in talks with the company to manufacture custom AI chips.
— Lee Ying Shan
Asia markets open mixed as chip slump weighs on sentiment
Asia-Pacific markets traded mixed on Friday as investors continued rotating out of technology stocks, tracking declines in the U.S.
Japan’s benchmark Nikkei 225 was down 0.86% at the open, while the Topix was up 0.34%. South Korea’s Kospi rose 0.97%, and the Kosdaq Index declined 1.12%.
Australia’s S&P/ASX 200 added 0.42%.
Futures for Hong Kong’s Hang Seng index stood at 23,061, slightly higher than its last close of 23,055.03.
— Lee Ying Shan
