Asian stock markets experienced a rise on Thursday, primarily driven by robust performances in Japan and South Korea, as technology stocks surged following optimistic earnings reports from major U.S. chip companies. Investor sentiment was bolstered by Qualcomm and Micron Technology, which both raised their financial outlooks, sparking increased interest in semiconductor stocks throughout the region.
Qualcomm’s shares saw significant gains after the company revised its annual revenue forecast upwards and unveiled a new data center chip. Similarly, Micron Technology exceeded market expectations, contributing to the positive trend. In Japan, the Nikkei 225 index rose sharply, buoyed by gains in companies related to chip production. Meanwhile, South Korea’s Kospi index reached a record high, as major technology players like Samsung Electronics and SK Hynix advanced.
Elsewhere in Asia, market outcomes were varied with smaller gains observed in India, Taiwan, and China, while Hong Kong and Australia experienced declines. This regional upswing followed a mixed performance on Wall Street, where losses in several major technology companies put pressure on U.S. indexes.
Concurrently, oil prices saw a decline as investors kept a close eye on U.S.-Iran negotiations that could potentially resolve their ongoing conflict. Brent crude dropped closer to pre-conflict levels, applying pressure on energy companies like Exxon Mobil and Chevron. This development comes as markets remain attentive to upcoming U.S. inflation data, with the Federal Reserve scrutinizing price trends to inform future interest rate decisions. Economists anticipate the Personal Consumption Expenditures index will continue to indicate inflationary pressures.