Asian stock markets saw an upswing on Thursday, buoyed by strong showings in Japan and South Korea as technology stocks soared. This surge followed encouraging earnings reports from major US semiconductor companies, Qualcomm and Micron Technology, which improved investor sentiment across the region.
The optimistic outlook from Qualcomm and Micron sparked a rally in semiconductor stocks. Qualcomm’s shares rose notably after the company raised its annual revenue forecast and unveiled a new data center chip. Similarly, Micron Technology exceeded market expectations, further fueling demand for tech stocks.
Japan’s Nikkei 225 experienced a sharp climb, driven by gains in chip-related sectors. Meanwhile, South Korea’s Kospi index reached a record high, with leading tech firms such as Samsung Electronics and SK Hynix making significant advances. Other Asian markets displayed varied results; India, Taiwan, and China posted modest gains, while Hong Kong and Australia saw declines. This regional trend followed a mixed session on Wall Street, where some major tech companies’ losses weighed on US indices.
In other economic developments, oil prices dropped as investors monitored the ongoing US-Iran negotiations, which could potentially resolve their conflict. Brent crude prices edged closer to pre-war levels, exerting pressure on energy giants like Exxon Mobil and Chevron.
Market participants are also keeping a close watch on upcoming US inflation data, which is pivotal for the Federal Reserve’s future interest-rate decisions. Economists anticipate that the Personal Consumption Expenditures index will continue to indicate inflationary pressures, influencing the Fed’s policy considerations.