Asian stock markets experienced gains on Thursday, with Japan and South Korea leading the charge as technology stocks rallied following upbeat earnings reports from key US semiconductor companies. The surge in investor confidence came after Qualcomm and Micron Technology raised their earnings outlooks, driving increased demand for semiconductor stocks throughout the region.
Qualcomm’s shares surged after the company projected a higher annual revenue forecast and unveiled a new data center chip. Similarly, Micron Technology’s stock climbed after surpassing market expectations. This positive sentiment propelled Japan’s Nikkei 225 index upward, bolstered by advances in chip-related firms. Meanwhile, South Korea’s Kospi reached a new high, supported by gains in major tech companies like Samsung Electronics and SK Hynix.
Elsewhere in Asia, market performance was mixed. India, Taiwan, and China saw modest increases, while Hong Kong and Australia registered declines. This regional uptrend followed a mixed performance on Wall Street, where losses among some leading tech companies impacted US indices.
Oil prices saw a decline as investors monitored ongoing negotiations between the US and Iran, which may lead to a resolution of their conflict. Brent crude prices edged closer to pre-conflict levels, exerting pressure on energy giants such as Exxon Mobil and Chevron.
Attention is also turning to forthcoming US inflation data, with the Federal Reserve closely watching price trends as it deliberates future interest-rate decisions. Economists anticipate that the Personal Consumption Expenditures index will indicate ongoing inflation pressures.