Asian stock markets saw gains on Thursday, with Japan and South Korea leading the charge as technology shares soared. This surge followed promising earnings reports from major US chipmakers, which bolstered investor confidence across the region.
Qualcomm and Micron Technology were at the forefront of this optimism, having raised their financial outlooks, which in turn spurred demand for semiconductor stocks. Qualcomm’s shares saw a significant rise after the company not only increased its annual revenue forecast but also introduced a new data center chip. Similarly, Micron experienced a boost after surpassing market expectations.
Japan’s Nikkei 225 experienced a notable climb, driven largely by advancements in chip-related stocks. Meanwhile, South Korea’s Kospi reached a record high, fueled by the progress of major tech companies like Samsung Electronics and SK Hynix.
The performance of other Asian markets varied, with smaller gains observed in India, Taiwan, and China, while Hong Kong and Australia experienced declines. This regional trend mirrored a mixed session on Wall Street, where some major tech companies’ losses impacted US indices.
Concurrently, oil prices dipped as investors monitored US-Iran negotiations regarding a potential resolution to their ongoing conflict. Brent crude prices moved closer to pre-conflict levels, affecting energy giants like Exxon Mobil and Chevron. Additionally, market attention is turning towards upcoming US inflation data, with the Federal Reserve closely watching price trends to inform future interest-rate decisions. Economists predict that the Personal Consumption Expenditures index will continue to reflect inflationary pressures.