Thursday saw a rise in Asian stock markets, primarily driven by strong gains in Japan and South Korea, as technology shares surged following encouraging earnings updates from prominent US chip manufacturers. The region experienced a boost in semiconductor stock demand after Qualcomm and Micron Technology lifted their financial outlooks.
Qualcomm’s share prices rose in response to the company raising its annual revenue forecast and unveiling a new data center chip. Meanwhile, Micron’s shares also climbed as the company outperformed market expectations. These developments fueled significant growth in Japan’s Nikkei 225, with chip-related companies seeing notable advances, and propelled South Korea’s Kospi to a record high, aided by increases in major technology firms like Samsung Electronics and SK Hynix.
Elsewhere in Asia, market outcomes were mixed. India, Taiwan, and China experienced modest gains, whereas Hong Kong and Australia saw declines. This positive momentum in Asia came on the heels of a mixed session on Wall Street, where losses in some major technology companies impacted US indexes.
In the energy sector, oil prices fell as investors monitored ongoing negotiations between the US and Iran over a potential resolution to their conflict. Brent crude prices edged closer to pre-war levels, exerting pressure on energy giants such as Exxon Mobil and Chevron.
Attention is also turning towards upcoming US inflation data, with the Federal Reserve keeping a close watch on price trends as it considers future interest rate decisions. Economists anticipate that the Personal Consumption Expenditures index will reflect sustained inflation pressures.