Asian market holidays on Monday 9 May 2022 - Hong Kong is closed

Oil dips 2% as Hormuz traffic resumes, ignoring tanker hit. Supply outlook weighs on prices.

Mortgage rates hover near 6.5%, signaling a flat housing market despite inflation shifts. Refi outlook uncertain.

Korean 'Ant' army fuels AI stock frenzy. High valuations, but massive potential returns.

Tech stocks tumble $1.3T on AI jitters, but futures hint at a bounce. Oil prices hit new lows.

investingLive Asia-Pacific FX news wrap: Bleak Friday for Asian equites, Korea down 8%

Tokyo shares down ~4%, South Korea down ~6%. Fingers pointing at OpenAI IPO delay AUD and Kiwi slapped lower too.

Gold will recover to US$5,200 an ounce over the next 12 months as the Fed moves toward rate cuts and the dollar weakens, UBS says, calling the current pullback a buying opportunity.