Asia shares rise on Nvidia-led AI stock rally
Shares climbed in Asia on Monday, and U.S. futures rose after a rebound in AI-related stocks, including Nvidia, fueled a rally on Wall Street.
Tokyo's Nikkei 225 jumped 1.9% to 50,455.07, driven by strong gains among computer chip makers and other firms benefiting from the artificial intelligence boom, News.Az reports, citing AP.
Semiconductor maker Tokyo Electron surged 6.7%, while chip testing equipment maker Advantest rose 4.7%.
Financial companies and exporters also recorded gains following the Bank of Japan’s decision to raise its key policy rate to the highest level in 30 years. Contrary to expectations, the move did not strengthen the yen, which fell near its lowest level this year. Early Monday, the dollar bought 157.32 yen, down slightly from 157.60 late Friday. Heavy selling of yen prompted Atsushi Mimura, a top Finance Ministry official overseeing foreign exchange, to warn that regulators would act to curb excessive currency fluctuations.
Chinese markets posted moderate gains, with Hong Kong's Hang Seng index up 0.2% to 25,751.93 and the Shanghai Composite rising 0.7% to 3,915.84, as China’s central bank left its 1-year and 5-year loan prime rates unchanged.
Elsewhere in Asia, South Korea's Kospi added 1.8% to 4,092.81, and Taiwan's Taiex rose 1.6%, aided by a 2.1% gain for chipmaker TSMC. In Australia, the S&P/ASX 200 increased 0.9% to 8,701.10.
“Asian equity markets are stepping onto the floor with a constructive bias, taking their cue from Friday’s solid rebound in U.S. stocks and the growing belief that the final stretch of the year still belongs to the bulls,” Stephen Innes of SPI Asset Management said.
On Friday, the S&P 500 rose 0.9% to 6,834.50, gaining 0.1% for the week. The Dow Jones Industrial Average increased 0.4% to 48,134.89, while the Nasdaq climbed 1.3% to 23,307.62, marking a 0.5% weekly gain.
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