South Korea's Kospi led the gains with a 3.5% jump, while SK Hynix, in partnership with Nvidia on AI technology, surged 5.5%. Samsung Electronics also saw a strong 2.4% rise, News.Az reports, citing AP.
Tokyo's Nikkei 225 gained 1.2%, reaching 50,897.20, lifted by solid performances from AI-related companies like chipmaker Tokyo Electron, which soared 4.7%. In Hong Kong, the Hang Seng index rose 0.8% to 26,445.65, while the Shanghai Composite was nearly flat at 2,630.42. Australia’s S&P/ASX 200 climbed 0.7% to 8,826.50, and Taiwan's Taiex surged 1.2%. The Sensex in India gained 0.5%.
Despite the optimism in Asia, U.S. stock indexes closed mixed on Friday, with the S&P 500 edging up 0.1%, while the Nasdaq dropped 0.2%, after experiencing a significant 2.1% dip earlier in the session. The Dow Jones Industrial Average added 0.2%. The Nasdaq’s dip was attributed to volatility in major tech stocks, including Alphabet, which fell 2.1%, and Broadcom, which dropped 1.7%.
Corporate earnings reports have been a focal point on Wall Street, with notable movements in several companies. Payments giant Block, which operates Square and Cash App, plunged 7.7% after missing earnings expectations, while Peloton surged 14.2% following better-than-expected results. Expedia Group saw a notable 17.5% increase after beating analysts’ quarterly forecasts.
Over 90% of companies in the S&P 500 have now reported their latest earnings, with most exceeding Wall Street expectations, particularly in the tech sector. However, the ongoing U.S. government shutdown continues to delay key economic data on inflation and employment, creating uncertainty for investors and policymakers alike.
The Federal Reserve remains cautious, signaling that it may hold off on further interest rate cuts despite a weakening job market. While the Fed has already cut rates twice this year, further reductions could fuel inflation, which remains above the central bank’s 2% target.
In early trading Monday, U.S. benchmark crude oil rose 54 cents to $60.29 per barrel, while Brent crude gained 49 cents to $64.12 per barrel. The U.S. dollar climbed to 153.94 Japanese yen from 153.72, while the euro edged up slightly to $1.1564 from $1.1562.
