Asian shares rise, tech advances on Nvidia earnings

Asian shares rise, tech advances on Nvidia earnings
Asian shares rise, tech advances on Nvidia earnings–Most Asian stocks rose Tuesday, following strong overnight Wall Street as the market did not expect further rate hikes from the Federal Reserve, while NVIDIA Corporation (NASDAQ:NVDA) The quarterly results were spot on. in focus.

Optimism over China’s property sector recovery also boosted sentiment, as reports showed the government was planning more supportive measures for the sector.

China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rose 0.6% and 0.3% respectively, led by big gains in property stocks.

Hong Kong’s Hang Seng index jumped 1.2%, also supported by property stocks. Longfor Properties and Country Garden Services jumped 7.5% and 4.2% respectively, and were the top performers on the Hang Seng.

Heavyweight Chinese technology stocks rose as their U.S. rivals edged ahead. Wall Street indexes had a positive session overnight, with Microsoft Corporation (NASDAQ:MSFT) hitting record highs after recently ousted OpenAI CEO Sam Altman joined the tech giant.

but phone manufacturer Xiaomi (OTC:XIACF) Corp (HK:1810) was one of the few laggards on the Hang Seng, falling nearly 3% despite the company’s strong quarterly earnings. But the stock hit its highest level in nearly two years during its earnings call.

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Tech boost, Nvidia results awaited for more AI signals

Tech was the best-performing sector in Asia on Tuesday, with tech-heavy indices such as South Korea’s KOSPI and Taiwan Weighted Index up nearly 1% each.

Tech stocks benefited from a sharp decline in Treasury yields as the market bet that the Fed would raise interest rates. The minutes of the central bank’s October meeting are due later and will provide more signals on interest rates.

Gains at key Nvidia suppliers also supported the sector, ahead of quarterly results from the world’s most valuable chip maker. The focus will be particularly on whether Nvidia’s AI-driven surge in earnings continued in the third quarter, and whether the outlook remains as good.

Japan’s Advantest Corp. (TYO:6857), which supplies chip test equipment to Nvidia, rose 2.3%, while TSMC (TW:2330) (NYSE:{{32306|TSM}) })—the world’s biggest contract Chip makers and a key Nvidia supplier – Taiwan added more than 1% in trading.

Other chipmakers’ gains were somewhat lower, with Samsung Electronics Co Ltd (KS:005930) and SK Hynix Inc (KS:000660) rising 0.7% and 1%, respectively. Nvidia is expected to give more hints on chip demand, particularly whether demand remains based on increased AI development.

Broader Asian markets were mildly positive. Australia’s ASX 200 rose 0.3% as Reserve Bank of Australia Governor Michelle Bullock reiterated that inflation will remain a key challenge for the economy in coming months.

Japan’s Nikkei 225 was flat after hitting a 33-year high on Monday, with a Reuters survey forecasting more gains in Japanese stocks due to strong earnings and a largely dovish Bank of Japan. The Nikkei is one of the best-performing Asian markets this year, up nearly 28% so far in 2023.

Futures for India’s Nifty 50 index pointed to a slower start, while Philippine shares led small gains in Southeast Asia, rising 0.3%.

The article is in Hindi

Tags: Asian shares rise tech advances Nvidia earnings


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