Asian stock markets saw gains on Thursday, primarily driven by robust performances in Japan and South Korea. This upswing was largely attributed to a surge in technology shares, following promising earnings reports from prominent US chip manufacturers.
The optimism among investors was fueled by Qualcomm and Micron Technology, both of which raised their financial forecasts, thereby invigorating demand for semiconductor stocks throughout the region. Qualcomm’s shares rose after the company revised its annual revenue projections upward and unveiled a new data center chip. Similarly, Micron Technology’s stock price increased after surpassing market expectations.
In Japan, the Nikkei 225 experienced significant gains, bolstered by advancements in chip-related companies. Meanwhile, South Korea’s Kospi index reached a record high, driven by the progress of major technology firms such as Samsung Electronics and SK Hynix.
Elsewhere in Asia, market outcomes were mixed. India, Taiwan, and China recorded modest gains, whereas Hong Kong and Australia saw their markets decline. This regional activity followed a mixed trading session on Wall Street, where declines in some leading technology companies impacted US indexes.
In the commodities sector, oil prices fell as investors monitored ongoing US-Iran negotiations, which might lead to a resolution of their conflict. Brent crude prices approached levels not seen since before the war, exerting downward pressure on energy giants like Exxon Mobil and Chevron. As markets brace for upcoming US inflation data, attention is also on the Federal Reserve’s response to price trends, particularly as economists anticipate continued inflation pressures reflected in the Personal Consumption Expenditures index.