Asian stocks rise as Nvidia earnings forecast beats estimates, South Korea’s Kospi gains
MSCI’s broadest index of Asia-Pacific shares excluding Japan climbs 0.7%
Stocks across the Asia-Pacific region made gains on Thursday as Nvidia's earnings report exceeded expectations, boosting confidence among investors. The MSCI's Asia-Pacific index, excluding Japan, climbed 0.7%, on track for a third straight day of gains. Nvidia's shares surged 4.7% in after-hours trading, propelling S&P 500 e-mini futures up 0.4%.
Analysts praised the artificial intelligence chipmaker's performance, describing it as a "bullish story" that could potentially benefit those in its supply chain. South Korea's Kospi index, meanwhile, rose 1.5%, as the Bank of Korea increased interest rates by 25 basis points to 3%, meeting market forecasts. Meanwhile, Taiwanese shares gained 0.9%, while the Nikkei 225 fell 0.4%.
On Wall Street, US stocks edged higher following a minor increase in the core PCE inflation index in July. The yield on the US 10-year Treasury bond fell slightly at 4.647%, while global crude oil prices edged down.
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