South Korea’s KOSPI exploded nearly 6% higher last Thursday, and now Asian markets reopen Tuesday to a US session that kept the momentum going — Nasdaq up over 1%, VIX collapsing below 16, and copper ripping to fresh highs. The question is whether the region can build on that or whether the long weekend break cools the bid.

Where Asia Closed Yesterday

The headline number belongs to Seoul. KOSPI surged 5.76% to 8,088 — a move that dwarfed everything else in the region and points to heavy institutional repositioning into Korean chipmakers and exporters heading into the second half.

Japan’s Nikkei 225 rose 1.47% to 69,744, helped by yen weakness (USD/JPY holding above 162) that continues to boost exporter margins. The ASX 200 added 1.37% to 8,844, with the materials and banking sectors both contributing.

Hong Kong’s Hang Seng climbed 1.28% to 23,350, outpacing the mainland where the Shanghai Composite gained a more modest 0.37% to 4,044 and the Shenzhen Component added 0.64%. The HK-mainland divergence suggests offshore capital is more willing to chase risk than domestic funds.

Elsewhere, New Zealand’s NZX 50 rose 1.06% to 13,763 (the only Monday close in the data set), Singapore’s STI gained 0.52%, and India’s Nifty 50 added 0.39%. Taiwan’s TAIEX was essentially flat at +0.08% — notable restraint given the semiconductor tailwinds, though TSMC earnings on July 16 may be keeping traders patient.

US Overnight Snapshot

Wall Street extended the global risk bid. The S&P 500 rose 0.72% while the Nasdaq Composite jumped 1.12%, led by a 1.65% surge in the technology sector (XLK). Financials added 0.93%, signaling broad participation beyond just mega-cap tech. The Russell 2000 lagged at +0.44%, but any green print in small caps removes a bearish divergence worry.

The VIX dropped 3.59% to 15.6 — comfortably below 20 and signaling that options markets see little near-term stress. For Asia, the Nasdaq strength directly supports HKEX-listed tech names and Korean semiconductor plays at the open. The financials bid is constructive for Japanese banks, which have been tracking US yield curve dynamics closely.

Energy (XLE, -0.17%) and materials (XLB, -0.06%) were the only sectors in the red, though the declines were negligible.

Commodity + FX Watch

Gold pushed 1.55% higher to roughly $4,180 — continuing its grind toward record territory and reflecting persistent central bank buying plus geopolitical hedging demand. ASX gold miners (Newmont, Northern Star) should see a tailwind at the open.

Copper surged 2.27% to $6.25, the strongest overnight move in the commodity complex. That’s a direct read-through for ASX base metal names (BHP, Rio Tinto) and signals demand expectations remain intact despite China’s underwhelming onshore rally.

WTI oil was flat at $68.70 — no catalyst either way for energy-heavy indices.

On FX, AUD/USD added 0.30% to 0.694, reflecting the copper strength and broad risk-on tone. USD/JPY climbed 0.38% to 162, keeping the yen weak and extending the tailwind for Nikkei exporters — though every tick closer to 163 raises the probability of verbal intervention from Tokyo. Watch for Bank of Japan commentary during the session.

What to Watch Today

• KOSPI follow-through: A 5.76% single-session move demands a verdict — does Seoul gap higher on momentum buying, or do traders take profits on the extended move? Samsung and SK Hynix price action in the first 30 minutes will set the tone for regional semiconductors.
• TSMC earnings countdown: Taiwan Semi reports July 16 and the stock barely moved last Thursday (+0.08% on TAIEX). Any pre-positioning into the print could start this week, with read-through implications for Korean and Japanese chip equipment makers.
• China policy signals: Shanghai’s 0.37% gain lagged the region badly. Watch for any PBoC open market operations or state media commentary that might signal a push to close the gap with offshore sentiment.
• ASX miners at the open: Copper +2.27% and gold +1.55% overnight is a strong one-two punch for the materials-heavy ASX. If BHP and Fortescue confirm the bid, the ASX 200 has a shot at extending above 8,850.

Bottom Line

The setup for Tuesday’s Asia session is clearly risk-on. Broad US gains, collapsing volatility, surging copper, and gold at highs give bulls multiple reasons to stay long across the region. The one watch-item is whether KOSPI’s 5.76% surge invites profit-taking or attracts fresh momentum — that answer will tell Luna3 readers a lot about how much conviction is behind this second-half rotation into Asia.

Read next: Asia Pacific Markets · What Is an ETF? · What Is HBM Memory?