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Asian Equities Rally On Higher Tech Prices

ASIA STOCKS
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Asian stocks rose following a rally in major tech shares on Wall Street, with the MSCI Asia Pacific Index climbing as much as 1.1%. TSMC led the gains, reaching a new intraday high after its sales exceeded estimates, benefiting tech stocks like SK Hynix and others in Japan. Australian shares approached record highs, driven by tech and real estate sectors, while Japan's Nikkei 225 is trading above 42,000 for the first time. The positive momentum from Wall Street was tempered by traders' anticipation of US inflation data, which will influence Federal Reserve interest rate decisions.

  • In Japan, the Nikkei 225 extended its gains for the third consecutive day, surpassing 42,000 for the first time in its history. This milestone was fueled by a strong performance in technology stocks, following a surge in the Philadelphia Stock Exchange Semiconductor Index overnight which was up 2.42% and now 6.48% for the past 5 sessions. Investors responded positively to Federal Reserve Chair Jerome Powell's comments suggesting potential rate cuts, boosting confidence in the market outlook. The Nikkei is 1.05% higher, while the Topix is trading up 0.85%.
  • South Korean equities are mixed today, with the Kospi rising 0.40% while the Kosdaq is down 0.50%. The market was bolstered by a positive global sentiment, particularly from Wall Street's record highs and Federal Reserve Chair Jerome Powell's remarks indicating a willingness to cut rates. Tech stocks like Samsung Electronics and SK hynix led the gains, reflecting optimism in the sector's prospects amid supportive macroeconomic signals.
  • Taiwan equities are also higher buoyed by a strong performance in tech stocks following the rise of the Philadelphia SE Semiconductor Index. This optimism was further fueled by global market trends and expectations of potential rate cuts by the Fed. The Taiex is currently 1.60% higher today and up 3.10% higher for the past 5 days.
  • Australian equities advanced following a bullish session on Wall Street, where both the S&P 500 and Nasdaq 100 reached new highs. Earlier, CBA Household Spending for June grew 3.9% y/y down from a revised 4.0% prior, while Consumer Inflations Expectations for July eased a touch to 4.3% from 4.4% prior. The ASX200 is 0.90% higher.
  • Elsewhere, New Zealand equities are 0.70% higher today, Singapore equities are 0.40% higher, Malaysian equities are 0.40% higher, Philippines equities are 1.40% higher and Indonesian equities are 0.35% higher.
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Asian stocks rose following a rally in major tech shares on Wall Street, with the MSCI Asia Pacific Index climbing as much as 1.1%. TSMC led the gains, reaching a new intraday high after its sales exceeded estimates, benefiting tech stocks like SK Hynix and others in Japan. Australian shares approached record highs, driven by tech and real estate sectors, while Japan's Nikkei 225 is trading above 42,000 for the first time. The positive momentum from Wall Street was tempered by traders' anticipation of US inflation data, which will influence Federal Reserve interest rate decisions.

  • In Japan, the Nikkei 225 extended its gains for the third consecutive day, surpassing 42,000 for the first time in its history. This milestone was fueled by a strong performance in technology stocks, following a surge in the Philadelphia Stock Exchange Semiconductor Index overnight which was up 2.42% and now 6.48% for the past 5 sessions. Investors responded positively to Federal Reserve Chair Jerome Powell's comments suggesting potential rate cuts, boosting confidence in the market outlook. The Nikkei is 1.05% higher, while the Topix is trading up 0.85%.
  • South Korean equities are mixed today, with the Kospi rising 0.40% while the Kosdaq is down 0.50%. The market was bolstered by a positive global sentiment, particularly from Wall Street's record highs and Federal Reserve Chair Jerome Powell's remarks indicating a willingness to cut rates. Tech stocks like Samsung Electronics and SK hynix led the gains, reflecting optimism in the sector's prospects amid supportive macroeconomic signals.
  • Taiwan equities are also higher buoyed by a strong performance in tech stocks following the rise of the Philadelphia SE Semiconductor Index. This optimism was further fueled by global market trends and expectations of potential rate cuts by the Fed. The Taiex is currently 1.60% higher today and up 3.10% higher for the past 5 days.
  • Australian equities advanced following a bullish session on Wall Street, where both the S&P 500 and Nasdaq 100 reached new highs. Earlier, CBA Household Spending for June grew 3.9% y/y down from a revised 4.0% prior, while Consumer Inflations Expectations for July eased a touch to 4.3% from 4.4% prior. The ASX200 is 0.90% higher.
  • Elsewhere, New Zealand equities are 0.70% higher today, Singapore equities are 0.40% higher, Malaysian equities are 0.40% higher, Philippines equities are 1.40% higher and Indonesian equities are 0.35% higher.