Asian markets mixed as tech rebounds, oil rises and US inflation takes centre stage
HONG KONG, Sept 7 — Tech firms rallied on a mixed day for Asian stocks today, with traders gearing up for a crucia...
Asian markets experienced a mixed day on September 7, with tech stocks leading the gains as traders anticipate crucial US inflation data. The rally in technology firms was driven by chipmakers in Seoul and Tokyo, despite a surprising US jobs report that raised expectations of a Federal Reserve rate hike on September 16. Oil prices rose due to escalating tensions between the US and Iran, adding to inflation expectations.
Tech investors are optimistic about the potential of artificial intelligence, particularly with OpenAI's new AI model GPT-6 set to launch soon. Oracle's earnings on Thursday will be closely watched for further insights into the AI boom's outlook. South Korean firms Samsung and SK hynix rose by four and six percent, while Tokyo-based Kioxia, Tokyo Electron, and Advantest gained between five and seven and a half percent.
Overall, major markets in Seoul and Tokyo surged more than three and two percent, respectively, while Hong Kong, Singapore, Wellington, and Manila saw declines. Shanghai remained unchanged. Analysts expect heightened volatility due to central bank meetings, US inflation, Oracle's earnings, and China's tech sector.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
