Asian stock markets experienced an upswing on Thursday, largely driven by robust performances in Japan and South Korea. This came as technology stocks surged in response to positive earnings announcements from leading US semiconductor companies.
Investor sentiment was bolstered by Qualcomm and Micron Technology, both of which revised their forecasts upwards, leading to increased interest in semiconductor stocks throughout the region. Qualcomm’s shares saw a rise after the company not only boosted its annual revenue forecast but also introduced a new data center chip. Similarly, Micron’s stock benefitted from outperforming market expectations.
Japan’s Nikkei 225 index saw a significant rise, fueled by advances in chip-related sectors. Meanwhile, South Korea’s Kospi index hit a record high, with notable gains in major tech companies such as Samsung Electronics and SK Hynix.
Elsewhere in Asia, markets displayed varied outcomes. While India, Taiwan, and China experienced modest gains, Hong Kong and Australia saw declines. This positive regional trend followed a mixed session on Wall Street, where losses in some key technology stocks influenced US indexes.
Additionally, oil prices saw a decline as investors kept a close eye on US-Iran negotiations, which could potentially resolve ongoing conflicts. Brent crude prices edged closer to pre-war levels, exerting pressure on energy giants like Exxon Mobil and Chevron. Meanwhile, markets remain attentive to upcoming US inflation data, as the Federal Reserve evaluates price trends for future interest-rate decisions. Economists anticipate the Personal Consumption Expenditures index to reflect continued inflationary pressures.