Asian stock markets experienced gains on Thursday, primarily driven by robust performances from Japan and South Korea, as technology shares surged in light of positive earnings reports from major US semiconductor companies. The upward momentum came after Qualcomm and Micron Technology both enhanced their financial outlooks, sparking increased interest in semiconductor stocks across the region.
Qualcomm’s stock rose significantly following the company’s announcement of an increased annual revenue forecast and the unveiling of a new data center chip. Similarly, Micron Technology saw its shares rise after surpassing market expectations. These developments propelled Japan’s Nikkei 225 index higher, buoyed by gains in chip-related firms. Concurrently, South Korea’s Kospi achieved a record high, supported by advances from significant technology players like Samsung Electronics and SK Hynix.
Elsewhere in Asia, market performances were more varied. India, Taiwan, and China saw modest increases, whereas Hong Kong and Australia experienced declines. This regional trend followed a mixed session on Wall Street, where declines in some major technology firms had a dampening effect on US indices.
In the commodities market, oil prices fell amid ongoing US-Iran negotiations concerning a potential resolution to their ongoing conflict. Brent crude prices dipped closer to pre-war levels, exerting pressure on energy giants such as Exxon Mobil and Chevron.
Looking ahead, market participants are turning their attention to upcoming US inflation data, as the Federal Reserve remains vigilant in monitoring price trends for future interest rate decisions. Economists anticipate the Personal Consumption Expenditures index will indicate ongoing inflationary pressures.