Asian markets gain ahead of earnings, Fed decision
AgenciesAsian stocks were mostly higher Tuesday after an AI-led rally on Wall Street ahead of major corporate earnings and central-bank decisions.U.S. futures edged lower after ear...
Asian markets experienced a mostly positive trend on Tuesday, fueled by a rally in AI-related stocks on Wall Street and anticipation of corporate earnings and central-bank announcements. However, U.S. futures experienced a slight decline, and oil prices continued to fall. South Korea's Kospi index surged more than 4%, closing 3.1% higher at 5,638.34 points.
Computer giant SK Hynix experienced a notable gain of 5.2%, while Samsung Electronics rose 4.2%. SK Hynix is scheduled to announce its third-quarter earnings on Wednesday, just a day ahead of Samsung Electronics' earnings report. Samsung had forecast a record operating profit of 107.4 trillion won ($80 million) for the previous quarter, which marked an almost eight-fold increase compared to the previous year.
The strong global demand for semiconductors is credited for the robust growth in the South Korean economy, which expanded by a more-than-expected 3.4% in the July-September quarter, according to data released on Tuesday. Tokyo's Nikkei 225 index climbed 1.7% to 63,268.37 points, while Advantest, a testing equipment manufacturer, experienced a significant jump of 9.6%, and investor SoftBank Group increased by 5%.
Hong Kong's Hang Seng index initially gained before slipping 0.6% to 23,077.56, and the Shanghai Composite index declined by 0.3% to 3,648.30.
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