Japan's Nikkei 225 hits another high as Asia markets track Wall Street's tech-powered rally
#Nikkei 225 #Asia-Pacific markets #Nvidia earnings #Interest rate hike #Inflation #Stock market rally #Technology stocks
📌 Key Takeaways
- Japan's Nikkei 225 reached an all-time high of 59,199.31
- South Korea's central bank raised interest rates by 0.25% to combat inflation
- Nvidia reported stronger-than-expected quarterly results with data center revenue surging 75%
- All major US indices advanced, with Nasdaq leading gains at 1.26%
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Japan's Nikkei 225 index reached another record high on Thursday as Asia-Pacific markets climbed, tracking Wall Street gains driven by strong earnings reports from technology giants Nvidia and Oracle, while South Korea's central bank raised interest rates to combat inflation and prevent capital outflows amid the US Federal Reserve's monetary tightening cycle. The Nikkei 225 rose 1.1% to an all-time high of 59,199.31, while the Topix added 1.45%. Other Asian markets also performed well, with South Korea's Kospi rising 1.65% and the smaller Kosdaq advancing 0.57%. Australia's S&P/ASX 200 gained 0.8%, also hitting a record high in early trade. Hong Kong's Hang Seng index futures were trading higher at 26,947 compared to the previous day's close of 26,765.72. South Korea's central bank took action by raising its key interest rate by a quarter-percentage point as expected, a move aimed at containing inflation and preventing capital outflows as the US Federal Reserve prepares for further rate hikes. Overnight in the US, all major indices advanced, with the S&P 500 adding 0.81% to close at 6,946.13, the Nasdaq Composite advancing 1.26% to 23,152.08, and the Dow Jones Industrial Average rising 307.65 points, or 0.63%, to settle at 49,482.15. The surge was particularly driven by Nvidia, which reported fiscal fourth-quarter results exceeding expectations with data center revenue surging 75%, leading to adjusted earnings per share of $1.62 and total revenue of $68.13 billion.
🏷️ Themes
Market Performance, Monetary Policy, Technology Sector Strength
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Inflation
Devaluation of money's purchasing power
In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation...
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In this article AMD META NVDA ORCL CRM SNOW Follow your favorite stocks CREATE FREE ACCOUNT South Korea's central bank raised its key interest rate by a quarter-percentage point as expected on Thursday, in a bid to contain inflation and prevent capital outflows as the U.S. Federal Reserve gears up for more hikes. Jung Yeon-je | Afp | Getty Images Japan's Nikkei 225 hit another record Thursday as Asia-Pacific markets climbed, tracking Wall Street gains as technology stocks rose overnight. The Nikkei 225 rose 1.1% to an all-time high of 59,199. 31, while the Topix added 1.45%. South Korea's Kospi rose 1.65%, while the small-cap Kosdaq advanced 0.57%. Australia's S&P/ASX 200 gained 0.8%, also hitting a record high in early trade. Hong Kong Hang Seng index futures last traded at 26,947, higher than the HSI's Wednesday close of 26,765.72. The Bank of Korea is set to release its rate decision later in the day. South Korea's central bank is expected to keep interest rates unchanged, according to economists polled by Reuters. South Korean chipmakers Samsung Electronics and SK Hynix rose 1.97% and 2.26%, respectively. Overnight in the U.S., equities rose, supported by Nvidia and Oracle , as stocks built on the gains from the prior trading day. The S&P 500 added 0.81% to close at 6,946.13, and the Nasdaq Composite advanced 1.26% to 23,152.08. The Dow Jones Industrial Average rose 307.65 points, or 0.63%, to settle at 49,482.15. Nvidia posted fiscal fourth-quarter results that topped Wall Street expectations, fueled by a 75% surge in revenue from its core data center segment. Shares gained as much as 2% in extended trading following the release. The company reported adjusted earnings per share of $1.62, beating the $1.53 forecast from analysts surveyed by LSEG. Revenue totaled $68.13 billion, above estimates of $66.21 billion. —CNBC's Sean Conlon and Pia Singh contributed to this report. Subscribe to CNBC PRO Subscribe to Investing Club Licensing & Reprints CNBC Councils Selec...
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