Asian Markets See Mixed Day as US Inflation Data Looms
Asian markets experienced a mixed day on Monday, but tech firms managed to rally in anticipation of crucial events this week. The key event is the release of US inflation data on Friday, which will determine whether the Federal Reserve hikes interest rates next week.
The gains were led by chipmakers in Seoul and Tokyo, with Samsung and SK hynix soaring four and six percent respectively. Other tech firms like Kioxia, Tokyo Electron, and Advantest also rallied between five and 7.5 percent in Japan.
Investors are looking forward to the release of earnings from tech titan Oracle on Thursday, which will provide insight into the outlook for the AI boom. The US consumer price index for August is seen as critical in deciding whether the Fed hikes rates next week or stands put.