Asian stock markets experienced a rise on Thursday, primarily driven by robust performances in Japan and South Korea, as technology stocks surged in response to favorable earnings reports from leading US semiconductor companies. This uptick in investor confidence followed announcements from Qualcomm and Micron Technology, which positively adjusted their business outlooks, sparking increased interest in semiconductor stocks throughout the region.
Qualcomm’s decision to raise its annual revenue forecast, coupled with the unveiling of a new data center chip, led to a noticeable jump in its share price. Similarly, Micron Technology’s shares rose after reporting earnings that surpassed market expectations. These developments contributed to significant gains in Japan’s Nikkei 225, buoyed by chip-related companies, and propelled South Korea’s Kospi to an all-time high, driven by advances in major tech firms like Samsung Electronics and SK Hynix.
Elsewhere in Asia, market performances were mixed. While there were modest gains in India, Taiwan, and China, markets in Hong Kong and Australia experienced declines. This regional trend mirrored a mixed session on Wall Street, where declines in some major tech companies dampened overall performance of US indexes.
In the energy sector, oil prices saw a decline as investors monitored ongoing US-Iran negotiations over a potential conflict resolution. Brent crude prices approached pre-conflict levels, exerting pressure on energy giants such as Exxon Mobil and Chevron.
Investors are also turning their attention to forthcoming US inflation data, with the Federal Reserve keeping a close watch on pricing trends as it deliberates future interest rate decisions. Economists anticipate that the Personal Consumption Expenditures index will indicate sustained inflationary pressures.