Asia, Daily Dose

Asian Stocks Rally as Tech Earnings Power Gains – Asia Market Wrap

– Asian stocks rose Thursday as Wall Street continued its climb, as strong results served to offset concerns about ongoing inflation.

– A barometer of regional stocks rose as much as 0.9%, reaching its highest level since early January. Taiwan’s benchmark stock index set an intraday high on its first trading day since February 5, driven by a 9.8% increase in Taiwan Semiconductor Manufacturing.

– Japan’s blue-chip equities index has reached a three-year high relative to its broader counterpart, as key exporters such as technology corporations benefit from good earnings and a weak yen. The so-called NT ratio, which compares the Nikkei 225 Stock Average to the Topix, has achieved its highest level since 2021. The Nikkei is within a couple percentage points of its 1989 high.

– A Japanese official suggested the country is nearing the end of its fight against deflation, ahead of the announcement of economic growth numbers on Thursday, which indicated a surprising drop into recession. After hitting a three-month low this week, the yen rallied to roughly 150 per dollar.