Asian stocks rise as KOSPI surges; CPI, Hormuz risks temper tech rally
Asian stocks were mostly higher on Wednesday as a renewed rally in semiconductor shares pushed South Korea sharply higher, while investors stayed cautious ahead of U.S. inflation data and as oil prices climbed on renewed uncertainty over the Strait of Hormuz. In Asian trade, Nasdaq 100 Futures rose 0.4%, while S&P 500 Futures gained about ...
Asian markets saw a general upward trend on Wednesday, with South Korea's KOSPI leading the charge due to a resurgence in semiconductor shares. Tech stocks, particularly those in the AI infrastructure sector, were driving the rally as investors awaited U.S. inflation data. Oil prices rose due to lingering uncertainty over the Strait of Hormuz.
Tech giants like Nvidia announced partnerships to help raise billions for AI infrastructure financing. While the KOSPI surged about 3.5%, China's tech sector and Hong Kong's lagged, with Hong Kong's Hang Seng falling about 1%. Emerging markets saw a boost in investments, with $19 billion flowing into emerging-market securities in July.
The upcoming U.S. Consumer Price Index (CPI) report will be crucial in determining whether easing inflation can keep rate-hike expectations in check, while the Strait of Hormuz remains a point of contention.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
