Asian Equities Surge Higher, Led By Japanese Banks & Weaker Yen

Asian markets showed signs of recovery, with major indices rebounding after recent declines. South Korean shares rose, driven by gains in Samsung Electronics following positive news about its HBM3E chip passing Nvidia's tests. Japanese stocks also saw a rebound led by financial firms, while the New Zealand dollar strengthened after better-than-expected jobless rate data. The S&P 500 and Nasdaq 100 gained 1% each, reflecting a broader global recovery, the yen has fallen about 2% on the back of comments from BoJs Uchinda.

• Japanese markets are rebounded today, particularly in the financial sector, with the Topix Bank Index up 7%. BoJ's Uchida has been speaking, where he notes that the central bank needs to keep easing for the time being and added that rates won't be raised if the market is unstable and the rate path will shift if market moves affect the economic outlook. The Nikkei is underperforming the moves this morning, trading just 0.80% higher while the Topix is 2% higher.
• South Korean markets are higher today, the KOSPI is 2.50% higher, while the small-cap KOSDAQ is 2.60% higher. Key contributors to the rise included Samsung Electronics, up 3.30% on the back of reports that a version of their HBM3E chip passed Nvidia's tests, while retail investors have been better buyers of stocks this morning, on the back of better selling from foreign investors.
• Taiwan equities are higher again today with tech stocks leading the way. Local investors have been unwinding leveraged bets on Taiwan's stock market, with margin debt dropping to the lowest since since May 21, leverage bets peaked on July 17th and have since fallen 14.5% from those highs. The Taiex is trading 3% higher today, with TSMC up 2.90%.
• Australia equities are only slightly higher today following comments made by the RBA's Hunter earlier. Most sectors are in the green today, with Energy & Real Estate the top performers with the ASX 0.30% higher. New Zealand's NZX 50 is 0.50% higher with healthcare stocks the largest contributor to the gains.
• In the EM space markets are also higher with the Singapore Straits Times is 1.50% higher, Malaysia's KLCI is 0.55% higher, Philippines PSEi is 0.45% higher, Indonesian JCI is 0.65% higher.