Asian stock markets made gains on Thursday, with Japan and South Korea leading the way due to a surge in technology shares spurred by positive earnings reports from key US semiconductor companies. Investor sentiment was buoyed after Qualcomm and Micron Technology both improved their outlooks, prompting increased demand for semiconductor stocks throughout the region.
Qualcomm’s shares rose significantly following the company’s decision to raise its annual revenue forecast and announce a new data center chip. Similarly, Micron Technology’s stock saw an uptick after surpassing market expectations. This momentum contributed to a sharp rise in Japan’s Nikkei 225, driven by advances in chip-related companies. Meanwhile, South Korea’s Kospi index achieved a record high, bolstered by leading technology firms such as Samsung Electronics and SK Hynix.
Other Asian markets experienced varied results, with modest gains recorded in India, Taiwan, and China. In contrast, markets in Hong Kong and Australia declined. These movements came after a mixed performance on Wall Street, where losses in some major technology companies had a dampening effect on US indexes.
In the commodities market, oil prices fell as investors monitored US-Iran talks over a potential resolution to their ongoing conflict. Brent crude prices edged closer to pre-conflict levels, exerting pressure on energy giants like Exxon Mobil and Chevron. This decline in oil prices added another layer of complexity to the market dynamics.
Investors are also keeping a close watch on upcoming US inflation data, with the Federal Reserve analyzing price trends to inform its future interest-rate decisions. Economists anticipate that the Personal Consumption Expenditures index will indicate continued inflationary pressures, shaping expectations for the economic outlook.