Stocks mixed as Seoul stabilises, oil prices rise with eyes on Mideast

HONG KONG, Aug 4: Stocks stabilised in Asia on Tuesday after last week's tech-led rollercoaster ride as investors tracked a record day on Wall Street, while oil prices edged up after their recent plunge with Donald Trump and Iran giving conflicting views on peace talks.
South Korea's Kospi swung between gains and losses, with chip giants SK hynix and Samsung -- which have been the poster boys of a month-long AI-themed rout -- centre of attention again.
The gains followed a positive day in New York, where the Dow ended at an all-time high, helped by another impressive Amazon surge that pushed it past the $3 trillion market capitalisation and helped ease fears about the vast capital spending on artificial intelligence.
Seoul's stocks fluctuated through the morning. Last week the Kospi fell around 17 percent in three days before soaring nearly 18 percent Friday and falling again Monday.
Elsewhere, Sydney, Singapore, Wellington, Taipei, Jakarta and Manila rose, though Tokyo, Hong Kong and Shanghai dipped.
And after the past month's wild volatility, some analysts are more upbeat about the outlook, even as some continue to fret.
"Earnings remain supportive, investment in AI infrastructure is still firm, and the US economy appears to be slowing at the margins rather than breaking beneath the surface," wrote SPI Asset Management's Stephen Innes.
"That does not guarantee an uninterrupted move higher, but it gives the rebound a more credible foundation than short covering alone."
Traders are now keeping an eye on earnings from SpaceX this week as well as the release of key US jobs data that could provide a fresh guide for the Federal Reserve as it plots its next move on interest rates.
Oil prices rose around one percent, having plunged five percent Monday, on hopes for a US-Iran deal to reopen the Strait of Hormuz.
US President Trump said Monday that negotiations were ongoing despite Tehran's denials.�"AFP