Asian stock markets experienced gains on Thursday, with notable advances in Japan and South Korea, driven by a surge in technology shares. This uptick followed encouraging earnings reports from prominent US semiconductor firms, which bolstered investor sentiment across the region.
The positive outlooks from Qualcomm and Micron Technology significantly increased demand for semiconductor stocks. Qualcomm’s shares rose after the company revised its annual revenue forecast upward and introduced a new data center chip. Similarly, Micron’s shares saw an increase after the company surpassed market expectations, further boosting investor confidence.
Japan’s Nikkei 225 saw a sharp rise, buoyed by strong performances from chip-related companies. Meanwhile, South Korea’s Kospi hit a record high with major technology players like Samsung Electronics and SK Hynix making significant advances. Elsewhere in Asia, market responses were mixed; India, Taiwan, and China experienced smaller gains, whereas Hong Kong and Australia faced declines. These developments followed a mixed session on Wall Street, where the performance of several major tech companies had a damping effect on US indexes.
In parallel, oil prices dropped as the market observed ongoing US-Iran negotiations aimed at resolving their discord. This decline in Brent crude prices, moving closer to pre-conflict levels, applied pressure on energy giants such as Exxon Mobil and Chevron.
Attention is also turning towards forthcoming US inflation data, a key focus for markets as the Federal Reserve closely examines price trends to inform its future interest-rate decisions. Economists anticipate that the Personal Consumption Expenditures index will indicate continued inflationary pressures.