Asian shares surged on Thursday across tech-heavy markets in Japan, South Korea, and Taiwan, after Nvidia projected revenue well above Wall Street estimates and emphasized strong demand for AI chips, according to Reuters. The dollar strengthened as traders looked ahead to the delayed US jobs figures, set for release later in the day.
Japan’s Nikkei 225 rose 2.6%, and Taiwan’s benchmark gained 3.2%, while S&P 500 e-mini futures added about 1.3% following Nvidia’s post-close jump of 5.1% overnight. Regional chip names rallied on the AI tailwind and a report that the United States may delay new semiconductor tariffs to ease tensions with China.
Taiwan Semiconductor Manufacturing Co. climbed 4.3%, Samsung Electronics advanced 5.3%, SK Hynix gained 2.2%, and Tokyo Electron rose 5.4%. MSCI’s broad Asia-Pacific index excluding Japan was up 1.1% after touching a one-month low earlier this week.
China lags as Hong Kong slips
Hong Kong’s Hang Seng dipped 0.3%, and the CSI300 index of mainland shares fell 0.5%, bucking the regional advance. Traders said recent rebounds in Chinese equities lost momentum even as AI supply chain names rallied elsewhere.
S&P 500 futures rose 1.3% after Wall Street ended a four-day losing streak on Wednesday. European futures pointed higher, with pan-regional contracts up 0.8%, as investors weighed a Reuters report suggesting Washington could postpone chip tariffs.
Japan stimulus chatter, yen weakness
Markets also assessed reports that Prime Minister Sanae Takaichi is preparing the largest stimulus package since the COVID-19 pandemic. The yen slipped to 157.585 per dollar and hit a record low against the euro, even as Japanese government bond yields surged to new highs.
The dollar index edged up 0.2% to 100.25 and the US 10-year yield ticked to 4.14%. Traders awaited September’s delayed US jobs report later in the global day, while futures implied a 33% chance of a 25-basis-point Fed cut on December 10 after the central bank’s October minutes, which noted a recent cut alongside inflation risks.
Oil, crypto and gold
Brent crude added 0.2% to $63.64 a barrel. Bitcoin rose 1.8% to $92,217 and ether gained 1.1% to $3,021, paring a recent sell-off. Spot gold eased 0.4% to $4,064 after briefly rising as much as 0.7%.
“From the market’s perspective, the data fog plays to the Fed’s messaging that ‘we need to pause’,” said Gavin Friend of National Australia Bank, noting a revised calendar that pushes the November jobs report to December 16, six days after the December FOMC meeting.