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On September 7, emerging market stocks rose on Monday, buoyed by optimism about a new generation of AI models, as the boost from heavyweight tech stocks offset the negative impact of higher oil prices on market sentiment. The MSCI Emerging Markets Stock Index climbed as much as 1.4%, reaching its highest level since June 26, while South Korea's KOSPI Index surged 4%. The emerging market currency index also edged up 0.1%, having risen in 12 of the previous 13 trading days. The tech sector stood out in the emerging market stock index, extending gains from U.S. chip stocks on Friday. However, oil prices rose due to tanker attacks by the U.S. and Iran in the Strait of Hormuz, while strong U.S. non-farm payrolls data heightened concerns that the Federal Reserve may raise interest rates soon, causing most other sector sub-indices to fall.
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