Equities Edge Higher As Chip & AI Names Rally On Nvidia's Update

Asia markets opened lower this morning, but have largely erased those loses. A hawkish fed minutes initially weighed on sentiment, however as the day progressed chip and AI-related stocks pushed higher. Miners are underperforming today, although well off earlier lows after copper and oil prices fell on Wednesday. There hasn't been too much in the way of market moving economic data releases with NZ Retail Sales best estimates, AU Judo Bank PMI and Consumer Inflation Expectations both fell in May, JP Jibun Bank May PMI was mixed. Looking ahead to tomorrow, NZ Trade Balance data and JP National CPI will be the focus.

• Japanese equities are higher today, after initially opening lower, hawkish fed minutes have weighed on market sentiment initially, while lower commodity prices have dragged mining names lower, as the day progressed Technology stocks pulled the market higher. Earlier, Jiban Bank PMI Mfg was 50.5 vs 49.6, Services were 53.6 vs 54.3 while the Composite came in at 52.4 vs 52.3 prior. The Topix is up 0.54%, the Topix Oil & coal index is down about 1.90% while the Nikkei 225 is up 1.15%.
• Taiwan equities are higher today, the BBG Asia-Pacific Semiconductor Index has been grinding higher all throughout the day and now trade up 1.72%. Later today, April Industrial Production data is expected to show an increase from 3.99% to 11.25%. The Taiex is currently up 0.32%.
• South Korean equities are higher today, similar to other markets we opened lower but have been griding higher throughout the day. The BOK left rates unchanged at 3.5% as expected with a restrictive stance expected for a sufficient period of time. The large-cap Kospi is up 0.20%, while the small-cap Kosdaq is up 0.30%
• Australian equities are lower today are the FOMC minutes signaling they are in no rush to cuts rates, which pushed commodity prices lower, unlike other markets the ASX200 has a much smaller exposure to tech and chip names and has lagged the move higher by other regional markets. Judo Bank PMI composite fell in May to 52.6 from 53.0. The ASX200 is down 0.50%
• Elsewhere in SEA, New Zealand equities are up 0.50%, earlier retail sales ex inflation beat estimates coming in at 0.5% vs -0.3%, Singapore returned from a break on Wednesday with equities trading up about 0.26%, Malaysian equities continue to march higher as foreign investors continuing their buying streak, the KLCI is up 0.38%, the Philippines PSEi is up 0.33%, Indian equities are up 0.33%.