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Asian stock markets : https://tmsnrt.rs/2zpUAr4

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Nikkei rises, China stocks highest since early 2022

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Israel and Hamas agree first stage of ceasefire deal

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Oil dips on lessened geopolitical risk, gold holds gains

(Adds China holiday spending, wait for French PM)

By Wayne Cole

SYDNEY, Oct 9 (Reuters) - Asian stock markets scored

fresh highs on Thursday as investors doubled down on all things

AI-related, while gold held atop $4,000 and the dollar retained

its recent hefty gains.

Oil prices dipped as geopolitical tensions eased a little on

news that Israel and Hamas had agreed to the first phase of a

ceasefire plan to end the two-year conflict.

U.S. President Donald Trump said he might travel to Egypt

this weekend to discuss further steps in the deal.

In equity markets, a resumption of the bull run in

AI-related tech saw the S&P 500 and Nasdaq reach record highs as

funds were again rewarded for buying the dips.

"The AI Theme remains intact as we see another stream of

multi-$bn investment come into the space," wrote analysts at

JPMorgan in a note.

"Investors can talk all they want about the 'circularity' of

this AI investment cycle, but these daily headlines are being

rewarded with strength until proven otherwise."

They noted estimates for earnings growth in the tech sector

had risen to 20.9% for the looming reporting season, from 15.9%

back in June. Some 81% of the stocks in the tech sector have

seen estimates increase, led by Nvidia ( NVDA ) and Apple ( AAPL )

.

Earnings overall are expected to grow 8% for the third

quarter, with revenue up 6.3%.

A jump in tech pushed Japan's Nikkei up 1.5% and

back near all-time peaks. Data showed offshore funds bought a

net 2.5 trillion yen ($16.40 billion) worth of Japanese shares

in the week through October 4.

Stocks in Taiwan climbed 1.2% to a fresh record,

while MSCI's broadest index of Asia-Pacific shares outside Japan

firmed 0.3%.

Chinese blue chips added 0.4% as they reopened

from a week-long holiday. Beijing reported consumers spent 809

billion yuan ($113.52 billion) during the holiday, while taking

888 million trips.

Beijing also announced new restrictions on the export of rare

earth minerals and equipment that have been a sticking point in

trade talks with the United States.

S&P 500 futures and Nasdaq futures steadied

after Wednesday's gains. EUROSTOXX 50 futures eased

0.2% while FTSE futures fell 0.5% and DAX futures

0.1%.

FED STILL SEEN CUTTING

Bond markets were largely unruffled by minutes of the last

Federal Reserve meeting that showed a majority of members

cautioned about upside risks to inflation even as they

sanctioned an easing in policy.

Futures continue to imply a 94% chance of another

quarter-point cut in November, and have 44 basis points of

easing priced in by year-end.

"While most Fed officials want to cut further, some

participants want to approach further cuts with caution,"

economists at Citi wrote in a note.

"We expect that further labour market weakening will push

most Fed officials to support cutting the policy rate at each of

the next four meetings."

Yields on 10-year Treasuries were down a

fraction at 4.115%, having also shrugged off a middling auction

of new notes on Wednesday.

In currencies, the dollar held near eight-month highs on the

yen at 152.54, having surged 3.5% so far this week

amid concerns about more Japanese government borrowing.

The euro steadied at $1.1641, after touching a

six-week low of $1.1598 overnight when data showed German

industrial output suffered the biggest monthly fall in over

three years in August.

Investors were now waiting to see if French President

Emmanuel Macron could name a new prime minister that would have

any chance of hammering out a budget deal.

Gold held at $4,037 an ounce, for a gain of 3.9% on

the week so far. The metal has been buoyed by the prospect of a

series of U.S. rate cuts, along with investor demand for assets

that cannot be debased by governments and buying by central

banks for reserves.

There is also in part a desire to hedge against the risk of

a sustained decline in the U.S. dollar and a selloff in bond

markets as governments need to borrow ever more.

Oil prices slipped as news of the Israel-Hamas ceasefire

lessened one potential threat to supplies.

Brent dropped 0.6% to $65.89 a barrel, while U.S.

crude eased 0.7% to $62.12 per barrel.

($1 = 152.4800 yen)