© Reuters.
Investing.com – Most Asian stocks were up slightly today. Expected key US inflation data, while Japan’s index rose to a 34-year high on positive technology sector reports and dovish signals from the Bank of Japan.
Regional stocks received mixed results from Wall Street. Because US stocks The increase now appears to be down from the record high reached last week. Stock futures for and were down about 0.1% in Asian trading today.
A week-long market closure in China and Hong Kong has kept trading volumes in Asia relatively low. It also causes a lack of leading factors at the regional level.
Nikkei 225 hits 34-year high on tech earnings and BOJ’s dovish stance
The Nikkei 225 outperformed the region’s peers, rising 2.5% to a 34-year high on gains in technology stocks. This was followed by positive results from chipmaker Tokyo Electron Ltd. (TYO:) and investment firm SoftBank Group Corp. (TYO:).
Tokyo Electron jumped nearly 11% to a three-year high after the company posted stronger profits in the December quarter. It also affects increased demand in China.
SoftBank rose 6.7% to a three-year high, extending its gains after posting its first quarterly profit in the past five quarters. Stocks were also boosted by chipmaker Arm Holdings (NASDAQ:), which led U.S. stocks up 29% on Monday. Amid continued buzz about the growing trend in artificial intelligence.
Profits from these two large tech stocks have flowed into the broader sector. Japanese stocks continued to increase after Shinichi Uchida, Deputy Governor of the Bank of Japan, said that although the BOJ will raise interest rates this year, But it is likely to rise slowly, heralding continued easing of financial conditions for domestic stocks.
Japan’s interest rate trend is relatively low. following dovish signals from the BOJ continuously It has been a key driver of the Nikkei’s remarkable rise over the past two years.
AI-driven growth in the chipmaking sector fueled strength in South Korea’s other Asian markets, up 1%, mainly driven by Samsung Electronics Co Ltd (KS:) and SK Hynix Inc (KS:).
SK Hynix rose nearly 4% after South Korean media reported that the company had partnered with Taiwan’s TSMC (TW:) (NYSE:) to develop a new AI chip, as more and more new companies adopt it. Benefiting from the AI boom, TSMC, the world’s largest chipmaker by volume, rose 1.7% in the Taiwan market.
Other Asian stocks edged up slightly. Movement is mostly restricted, though. Due to market closures in China and expected U.S. data, the report is expected to show easing inflation in January. But it is still above the Federal Reserve’s annual target range. This is a situation that gives central banks little reason to start cutting interest rates.
Lower bets on early interest rate cuts by the Fed have been a key concern for Asian markets in recent weeks.
of Australia rose 0.1% as private surveys showed significant improvements in Throughout the beginning of February
The biggest gainers were from across Southeast Asia, up 0.4%, while India futures index There is a tendency to open the market in a stable manner. This comes after the index fell 0.8% to its lowest level in nearly two weeks on Monday.
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2024-02-13 12:50:51
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