SK Hynix, other chip stocks climb as Asian equities advance
MSCI’s Asia-Pacific equities gauge rises 1.1%, rebounding from the prior session’s sell-off
Asian equities experienced a rebound on Thursday, buoyed by a dip in the US market after Donald Trump downplayed the likelihood of a prolonged conflict with Iran. MSCI’s Asia-Pacific equities gauge rose 1.1%, reversing the decline seen the previous day. Semiconductor and AI-related chip stocks, such as Renesas Electronics and SK Hynix, gained as Broadcom forecasted a surge in artificial intelligence chip sales over the next two years.
Main market movements included a slight change in S&P 500 futures, as well as gains for Japan’s Topix, Australia’s S&P/ASX 200, and Hong Kong’s Hang Seng. The Shanghai Composite also saw a small increase. Futures suggested a cautious opening in Europe, while contracts for the Nasdaq 100 Index edged up 0.2%. Asian attention was focused on the yen, which strengthened for a second consecutive day, reaching as high as 157.63 per US dollar, prompting speculation about potential intervention by authorities. The currency's rise left traders uncertain about the likelihood of further intervention.
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