Asian stock markets experienced a rise on Thursday, driven by notable gains in Japan and South Korea. This upward trend was primarily fueled by a surge in technology stocks after major US chip manufacturers reported positive earnings. Investor sentiment received a boost following revised outlooks from Qualcomm and Micron Technology, which led to increased demand for semiconductor stocks throughout the region.
Qualcomm’s shares saw a significant increase after the company raised its annual revenue forecast and introduced a new data center chip. Similarly, Micron Technology’s shares rose as the company surpassed market expectations. In Japan, the Nikkei 225 index recorded a sharp climb, bolstered by the performance of chip-related companies. Meanwhile, South Korea’s Kospi index reached a record high, propelled by advances in major tech firms like Samsung Electronics and SK Hynix.
The response in other Asian markets was mixed. India, Taiwan, and China experienced smaller gains, while markets in Hong Kong and Australia saw declines. This regional performance came on the heels of a mixed session on Wall Street, where losses in several major technology companies had an adverse effect on US indexes.
Oil prices faced a decline as investors closely monitored US-Iran negotiations, which could potentially lead to a resolution of their ongoing conflict. The price of Brent crude edged closer to pre-conflict levels, exerting pressure on energy corporations such as Exxon Mobil and Chevron.
Market participants are also keeping an eye on upcoming US inflation data, which is of particular interest to the Federal Reserve as it evaluates future interest-rate decisions. Economists anticipate that the Personal Consumption Expenditures index will indicate continued inflationary pressures.