.Asia-Pacific markets opened higher on Thursday, following Wall Street’s tech-driven rally. Japan’s Nikkei 225 surged 3.41%, and Taiwan’s Weighted Index rose 3%. Semiconductor-related stocks led the charge, with Tokyo Electron up 4.8%, Advantest up 9%, and Renesas Electronics climbing 3.47%. SoftBank Group, which holds a stake in chip designer Arm, jumped 8.4%.
In South Korea, the Kospi rose 1.67% while the Kosdaq gained 3%. Major chipmakers SK Hynix and Samsung Electronics soared over 8% and 1.85%, respectively. Taiwan Semiconductor Manufacturing Company advanced 5.13%, and Hon Hai Precision Industry (Foxconn) gained 4.13%.These gains came after Nvidia CEO Jensen Huang highlighted strong demand for AI chips. Shares of Seven & i Holdings surged 7.3% after Bloomberg reported that Alimentation Couche-Tard may increase its bid for the Japanese retailer. However, Couche-Tard has yet to finalize its decision.
On the economic front, Japan’s producer price index rose 2.5% year-on-year in August, slightly below expectations. Meanwhile, Hong Kong’s producer price index and India’s August consumer price index are expected later today.
Australia’s S&P/ASX 200 rose 0.9%, and Hong Kong’s Hang Seng index edged up 1%. Overnight, the S&P 500 gained 1.07%, the Nasdaq rose 2.17%, and the Dow Jones inched up 0.31%. Investors are now eyeing the U.S. producer price index release.
The post Thursday 12th September 2024: Asia-Pacific Markets Surge Amid Tech Rally and Economic Data Releases first appeared on IC Markets | Official Blog.
Leave a Reply