Commercial and residential buildings light up at dawn in Seoul, South Korea, Saturday, Oct. 21, 2023. South Korea is preparing a 75.9 trillion won ($56.97 billion) financial support program for companies boosting investment in key sectors and small and medium-sized businesses struggling with the effects of high interest rates.
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Japanese Nikkei Stock Average Stocks hit a new record high on Thursday, topping 42,000 points for the first time. Other Asia-Pacific markets also rose on the back of rising shares of major U.S. technology companies and growing confidence that the Federal Reserve will cut interest rates.
The Nikkei Stock Average rose 1.37% at the open, while the Tokyo Stock Price Index also rose 1.17% to hit a new high.
Semiconductor stocks were the biggest winners of the U.S. trading session. Taiwan Semiconductor Manufacturing Company The stock rose 3.5% after revenue for the April-June period beat Wall Street expectations.
Peer-chip companies Qualcomm Up 0.8% Broadcom Up about 0.7%. The darling of artificial intelligence NVIDIA It increased by 2.7%.
In Asia, investors are watching optimism spillover into the region’s tech stocks, particularly as shares of semiconductor-related companies in Japan rally. Nikkei Stock Average At a record high.
Economic data due out of the region on Thursday include Japan’s machinery orders for May and the Bank of Korea’s interest rate decision.
| Ticker | company | name | price | change | %change |
|---|---|---|---|---|---|
| .N225 | Nikkei Stock Average | Nikkei | 42,401.84 | +569.85 | +1.36% |
| .HSI | Hang Seng Index | HSI | 17,471.67 | united nations | united nations |
| .AXJO | S&P/ASX 200 | ASX 200 | 7,892.90 | +76.10 | +0.97% |
| .SSEC | Shanghai | Shanghai | 2,939.36 | united nations | united nations |
| .KS11 | KOSPI Index | Korea Composite Stock Price Index | 2,892.73 | +24.74 | +0.86% |
| .FTFCNBCA | CNBC 100 Asia IDX | CNBC 100 | 10,251.31 | +55.40 | +0.54% |
Korean Cospi Ahead of the Bank of Korea’s decision, stocks rose 0.96% and the Kosdaq added 0.22%.
Australian S&P/ASX 200 It rose 0.85%.
Hong Kong Hang Seng Index Futures were at 17,615, above the HSI’s last close of 17,471.67.
Overnight in the US, all three major indexes rose. S&P 500 and Nasdaq Composite Index They rose 1.02% and 1.18%, respectively.
The gains helped the S&P surpass the 5,600 level for the first time, marking its 37th all-time high of 2024. The Nasdaq recorded its 27th all-time high this year.
of Dow Jones Industrial Average It increased by 1.09%.
Expectations of interest rate cuts are also boosting stock prices, with Dow Jones forecasting inflation to be 3.1% year-on-year in June, lower than the 3.3% increase in May.
Core inflation, which excludes volatile food and energy prices, is expected to have risen 3.4% from June last year. The May CPI rose 3.4%. Annual increase of 3.3%.
—CNBC’s Brian Evans, Samantha Sabin and Jesse Pound contributed to this report.
