Asian stocks mildly positive amid tech strength, hot US CPI
Investing.com-- Most Asian stocks rose slightly on Wednesday as major technology shares tracked a rally in their Wall Street peers, although overall gains were limited as hot U.S. inflation factored into a higher-for-longer outlook for interest rates.
Wall Street indexes provided a positive lead-in to regional markets, with the S&P 500 clocking a record high as hype over artificial intelligence, following positive results from Oracle (NYSE:ORCL), boosted technology stocks.
But whether these gains would continue remained to be seen, as U.S. stock index futures fell slightly in Asian trade.
South Korea’s KOSPI index was among the better performers for the day, rising 0.3%. Tech heavyweight Samsung Electronics Co Ltd (KS:005930) rose 0.7% after media reports showed the firm planned to push further into AI by developing new, high-speed memory chips.
Hong Kong’s Hang Seng index was flat as strength in tech offset broader losses. Tech heavyweights Baidu (HK:9888), BYD (HK:1211) and Semiconductor Manufacturing International Corp (HK:0981) rose between 2% and 4%, and were among the top gainers on the index.
TSMC (TW:2330) (NYSE:TSM), the world’s largest contract chipmaker and a major NVIDIA Corporation (NASDAQ:NVDA) supplier, rose 1.3% in Taiwan trade. Strength in tech helped Australia’s ASX 200 rise 0.4%, despite losses in heavyweight banking and mining stocks.
Sentiment towards tech was boosted by renewed optimism over AI, after cloud computing major Oracle clocked stronger-than-expected earnings and said it was pivoting further into AI, with a joint announcement with Nvidia due later this week.
But barring the tech sector, broader Asian markets moved in a flat-to-low range, as hotter-than-expected U.S. consumer inflation
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