(URGENT) Seoul stocks end higher for 3rd day on Nvidia earnings

Asian stocks experienced a surge on Thursday, marking the third consecutive day of gains. The primary driver behind the rally was Nvidia's impressive earnings report, which exceeded market expectations. The AI chipmaker's quarterly revenue more than doubled, prompting a 4.7% jump in its shares following after-hours trading. This positive news lifted S&P 500 e-mini futures by 0.4%.

The strong performance of Nvidia sent a message of robustness in the tech hardware sector, sparking optimism among investors. Chris Weston, head of research at Pepperstone Group in Melbourne, noted, "The business is in absolutely rude health. It's going to wake people up and think what have I missed? It's a really bullish story, and anyone supplying Nvidia through the supply chain will likely see the benefit today."

Meanwhile, South Korean stocks, represented by the Kospi, rose by 1.5%, slightly easing early gains after the Bank of Korea increased interest rates by 25 basis points to 3%. This decision was in line with market expectations, signaling a tighter monetary policy stance.

Taiwanese shares also climbed by 0.9%, while the Nikkei 225 fell by 0.4%. On Wall Street, US stocks edged up overnight, with the S&P 500 closing flat after the personal consumption expenditures (PCE) index showed a 0.2% increase in July compared to the previous month. Despite a 0.1% decline in June, the core PCE inflation appeared to be in line with expectations, although the details suggested a firmer inflation trend heading into the September FOMC meeting.

The US 10-year Treasury bond yield dipped by 1.5 basis points to 4.647%, as traders awaited further insights from Federal Reserve Chair Kevin Warsh's speech in Jackson Hole, Wyoming. Brent crude oil prices declined by 0.7% to US$87.20, continuing its fourth consecutive day of decline. This drop was attributed to geopolitical uncertainties surrounding the Strait of Hormuz and the ongoing Russia-Ukraine conflict.

The US dollar index remained stable at 99.12, near its highest level in the past week. Gold prices rose by 0.7% to reach US$4,624.14, following a pullback seen on Wednesday. In the cryptocurrency market, Bitcoin increased by 0.8% to US$79,043.18, while Ether gained 1.3% to US$2,504.96. The revival of so-called "dollar debasement" trades, driven by the US Treasury Department's intervention in bond markets, contributed to this upward trend.