Asian markets commenced Thursday with a vibrant surge, energized by Nvidia's impressive earnings report, while market participants remained vigilant regarding the pending U.S. jobs data. Tech-oriented markets took the lead, driven by heightened enthusiasm surrounding AI chip demands.
Japan's Nikkei 225 experienced a significant rise of 4.2%, while South Korea's Kospi gained 3.3%, and Taiwan's Taiex index saw an increase of 3.4%. Major tech players experienced substantial lifts as well: TSMC surged 4.3%, Samsung Electronics advanced by 5.1%, SK Hynix added 4.5%, and Tokyo Electron jumped 5.4%.
Remarks from Nvidia CEO Jensen Huang regarding the robust demand for AI chips from top cloud providers instilled confidence among investors and alleviated worries of an AI valuation bubble. The company's earnings forecast projected quarterly revenue significantly above analysts' expectations, which ignited a buying trend across the technology sector.
Meanwhile, MSCI's comprehensive Asia-Pacific index outside Japan saw a rise of 1.2%, bouncing back from a recent monthly low, as S&P 500 e-mini futures increased by 1.3% while Wall Street digested Nvidia's performance.
Conversely, China's markets struggled to keep pace; Hong Kong's Hang Seng Index dipped 0.1%, and mainland stocks pared earlier gains to finish flat, despite the People's Bank of China maintaining its benchmark lending rates for a sixth consecutive month. Concerns about China's economic rebound continue to influence investor sentiment.
The U.S. dollar firmed up, appreciating by 0.2% against major currencies, drawing closer to a two-week peak. The yen fell further, reaching historic lows against both the dollar and euro, influenced by recent changes in Japan's domestic policies. Additionally, Brent crude oil climbed by 0.5% to settle at $63.80 per barrel, amid considerations of global geopolitical factors.
In the realm of cryptocurrencies, a slight recovery occurred with Bitcoin and Ether witnessing gains of around 2%, while gold prices fluctuated, concluding slightly lower after a short-lived upturn.
Investors worldwide remain prudent, eagerly awaiting U.S. economic statistics, especially the postponed September jobs report, which may influence Federal Reserve policy decisions in the upcoming December review.
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