{"id":13563,"date":"2023-08-22T04:49:46","date_gmt":"2023-08-22T04:49:46","guid":{"rendered":"https:\/\/isafespend.com\/investing\/asian-stocks-rise-as-tech-strength-helps-offset-u-s-rate-fears\/"},"modified":"2023-08-22T04:49:47","modified_gmt":"2023-08-22T04:49:47","slug":"asian-stocks-rise-as-tech-strength-helps-offset-u-s-rate-fears","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=13563","title":{"rendered":"Asian stocks rise as tech strength helps offset U.S. rate fears"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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Investing.com– Most Asian stocks rose on Tuesday, buoyed by a recovery in technology stocks ahead of key earnings from NVIDIA Corp (NASDAQ:), although concerns over rising U.S. interest rates and slowing Chinese growth held back bigger gains.\u00a0<\/p>\n

While , the technology sector saw strong gains ahead of closely-watched on Wednesday. Anticipation of the Nvidia results also spurred positioning in stocks exposed to the world\u2019s most valuable chipmaker.\u00a0<\/p>\n

Focus this week will largely be on whether the chipmaker benefited as forecast from an artificial intelligence boom- a trend that is likely to benefit Asian chip stocks that supply to the firm.<\/p>\n

But concerns over slowing growth in China, especially after a disappointing interest rate cut by the People\u2019s Bank on Monday, still weighed on sentiment.<\/p>\n

An overnight spike in U.S. , ahead of the this week, also kept traders wary.<\/p>\n

Tech stocks, chipmakers gain ahead of Nvidia results\u00a0<\/h2>\n

Japan\u2019s index was the best performer in Asia for the day, rising 0.8%, while the broader added 0.6%.<\/p>\n

Semiconductor testing equipment maker Advantest Corp. <\/span><\/span> (TYO:), which is an Nvidia supplier, surged over 4% and was the best performer on the Nikkei. Tech conglomerate SoftBank Group Corp. (TYO:)- which also has chipmaking exposure through its Arm unit, jumped over 2%.<\/p>\n

In addition to the tech gains, sentiment towards Japan was also buoyed by a strong earnings season. Analysis from Japanese news agency Nikkei showed that top listed companies in Japan were headed for a third straight year of record profits, thanks to higher prices and continued monetary stimulus from the Bank of Japan.<\/p>\n

Among other major Asian tech firms,\u00a0Taiwan Semiconductor Manufacturing (TW:) (NYSE:) added 0.6%, while South Korea\u2019s rose 0.6% on gains in chipmakers Samsung Electronics (KS:) and SK Hynix Inc <\/span><\/span> (KS:).\u00a0<\/p>\n

Futures for India\u2019s index were flat, although heavweight Indian tech stocks are expected to track gains in their U.S. peers.\u00a0<\/p>\n

Chinese stocks recover, but outlook uncertain\u00a0<\/h2>\n

China\u2019s and indexes added about 0.2% each, while Hong Kong\u2019s rose 0.4% on strength in heavyweight technology stocks.<\/p>\n

All three indexes were trading close to their weakest levels for the year, after doubts over a Chinese economic recovery were intensified by a disappointing interest rate cut from the People\u2019s Bank on Monday.<\/p>\n

The move pointed to limited monetary support for the Chinese economy, as it struggles with its worst growth rate in years.<\/p>\n

Concerns over China weighed on Australia\u2019s , with miner BHP Group Ltd (ASX:), the biggest stock on the index, down 1.3% after it on sluggish Chinese demand.\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Investing.com– Most Asian stocks rose on Tuesday, buoyed by a recovery in technology stocks ahead of key earnings from NVIDIA Corp (NASDAQ:), although concerns over rising U.S. interest rates and slowing Chinese growth held back bigger gains.\u00a0 While , the technology sector saw strong gains ahead of closely-watched on Wednesday. Anticipation of the<\/p>\n","protected":false},"author":1,"featured_media":13564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-13563","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nAsian stocks rise as tech strength helps offset U.S. rate fears | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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