Asian Markets Rise on Firm Oil Prices Ahead of US Inflation Data
Asian markets mostly rose on Wednesday as investors focused on firmer oil prices and awaited key US inflation data. Japan's Nikkei 225 led gains, rising 0.99% to 67,630, while South Korea's Kospi surged 3.7% to 6,579.04. The Shanghai Composite added 0.3% to 3,946.68.
Chip-related stocks drove the Nikkei's advance, with sentiment supported by steady risk appetite across the region. Heavyweight tech and industrial names also gained. In South Korea, major chipmakers Samsung Electronics and SK Hynix posted strong gains, contributing to the Kospi's outperformance.
Australia's S&P/ASX 200 slipped 0.5% to 9,209.40 due to losses in financials and energy sectors despite higher crude prices. Oil prices were up around 1%, with Brent crude benefiting from geopolitical tensions threatening shipping routes and constraining supply.