This photo taken on May 2, 2024 shows a panoramic view of the entrance to the Tokyo Stock Exchange (TSE) headquarters building in the Nihonbashi area of Tokyo.
Richard A. Brooks | AFP | Getty Images
Asia-Pacific markets opened higher on Thursday, tracking gains on Wall Street led by gains in technology stocks.
Japanese Nikkei 225 Index It rose 3% in early trading, with the Topix rising 2.48%. Semiconductor related stocks Tokyo Electronics rose 5.2%, Advantest rose 5.6% and Renesas Electron rose 2%. SoftBank Groupowns shares in chip design company armjumping more than 6%.
In South Korea, the Kospi opened 1.2% higher and the small-cap Kosdaq gained 2.5%. Shares of SK Hynix and Samsung Electronics, both Nvidia suppliers, surged more than 6% and 2.3% respectively.
Taiwan Weighted Index Increased by 2.25%, gathering big names British Semiconductor up 3.9% and Hon Hai Precision Industry — known internationally as Foxconn — rose 3.5%.
Asian chip manufacturing giant shares rise NVIDIA CEO Jensen Huang makes a compelling case future needs Used for AI chips.
The founder of the AI chip giant said at the Goldman Sachs Communacopia+ technology conference in San Francisco: “AI is not about the chip. AI is about the infrastructure.”
He said demand for the company’s advanced artificial intelligence products is “tense.”
Asian chip manufacturing giant shares rise NVIDIA CEO Jensen Huang makes a compelling case future needs Used for AI chips.
The founder of the AI chip giant said at the Goldman Sachs Communacopia+ technology conference in San Francisco: “AI is not about the chip. AI is about the infrastructure.”
Japan’s producer price index rose 2.5% year-on-year in August, lower than the 2.8% expected and the 3% reported last month. The data is one of the key indicators closely watched by the Bank of Japan. The central bank has signaled its intention to raise interest rates further in the coming months.
Investors will also release Hong Kong’s second-quarter producer price index this afternoon.
India will also release its consumer price index for August on Thursday evening. Economists polled by Reuters expected an annual increase of 3.5%, compared with 3.54% in July.
Chinese power manufacturer Midea Group plans to price its shares at the upper end of the pricing range in a deal that would raise at least $3.46 billion in a Hong Kong listing, Reuters reports Wednesday, citing people with direct knowledge of the matter.
The listing will be Hong Kong’s largest IPO since May 2021.
Australian S&P/ASX 200 Index Hong Kong stocks edged up 0.8% Hang Seng Index It rose slightly by 0.5%. Mainland China’s CSI 300 index was little changed.
Overnight in America, broad-based S&P 500 Index rose 1.07%, while Nasdaq Index up 2.17%. this Dow Jones Industrial Average It rose slightly by 0.31%.
Major benchmarks rebounded from session lows, with core CPI rising slightly more than expected and investors changing their bets on the Federal Reserve cutting interest rates by 25 percentage points next week.
Wall Street investors will focus on Thursday’s August producer price index, with headline and core inflation figures expected to rise 0.2%, according to economists polled by Reuters. It was 0.1%, while core inflation was 0.2%.
—CNBC’s Zev Fima, Pia Singh and Lisa Kailai Han contributed to this report.
