AI Boom Sparks Asian Stock Surge Amid Inflation Insights
Asian stocks surged on Thursday, driven by tech-related gains following positive inflation reports and Oracle's growth forecast linked to AI. Japan's Nikkei rose 0.8%, fueled by SoftBank. Mixed performances marked other Asian markets, reflecting Wall Street's record streak amid interest rate and inflation expectations.
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Asian shares experienced gains on Thursday, particularly in tech-related stocks, following Wall Street's record-setting performance buoyed by promising inflation data and Oracle's optimistic growth projections due to the AI boom.
The Nikkei 225 in Tokyo advanced by 0.8%, with SoftBank Group's shares rising nearly 10% for the second consecutive day. Japan reported a 2.7% year-over-year increase in producer prices for August, aligning with market predictions. This rise was driven by higher costs in food, transport equipment, and machinery.
In China, the Hang Seng index in Hong Kong dropped 0.3%, while the Shanghai Composite index climbed 1.1%. Semiconductor stocks performed strongly, with Cambricon Technologies, often compared to Nvidia in China, soaring over 10%. Meanwhile, South Korea's Kospi rose 0.4% and Australia's S&P/ASX 200 decreased 0.4%, reflecting mixed regional outcomes following Wall Street's robust tech stock-led momentum.
(With inputs from agencies.)
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