Asian Stocks Gain on Key Themes of Tech and Inflation – Asia Market Wrap

Asian stocks rose ahead of US consumer pricing data that is expected later on Thursday, following a surge in the biggest tech firms in the world, which sent global shares to all-time highs.

China, Australia, and Japan’s stocks all increased on Wednesday after a positive Wall Street session. Prior to important US inflation statistics that could indicate a reduction in price pressure and increase the likelihood of interest rate cuts by the Fed, the Dollar declined relative to the majority of other major currencies.

Asian stocks rose ahead of US consumer pricing data that is expected later on Thursday, following a surge in the biggest tech firms in the world, which sent global shares to all-time highs.

Following the announcement that its second-quarter revenue climbed at the highest rate since 2022, Taiwan Semiconductor Manufacturing, the exclusive supplier of Nvidia and Apple’s most advanced chips, traded at record highs. Leading contributors to the increase in the regional stock index were Sony Group, Tencent Holdings, and Korean chipmaker SK Hynix, which traded at its highest levels since 2000.

Driven by companies like Nvidia and Apple, the S&P 500 and Nasdaq 100 both gained more than 1%, while a measure of global equities also surged to all-time highs. After a challenging 2023, the iPhone manufacturer stated that it plans to ship 10% more new iPhones. For the seventh straight session, the S&P 500 has increased, marking its longest winning run since November.