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Fortune

Angelica Ang

Global investors are shrugging off Iran worries and returning to markets in Asia, the 'backbone of the whole AI value chain'

Asia Iran Charu Chanana SouthEast Asia East Asia United States Saxo Bank South TSMC

(Credit: Chris Jung—NurPhoto via Getty Images)

Asia’s stock markets have rebounded since the outbreak of the Iran war over two months ago, as the AI boom lifts the fortunes of manufacturing economies like China, South Korea, and Japan.

“Asia was outperforming global markets before the Iran conflict started,” Charu Chanana, Saxo Bank’s Singapore-based chief investment strategist, tells Fortune. While there was an initial pullback following the war’s outbreak, “things have started to recover in the last two weeks and Asia is outperforming again”.

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