Tech Rebound Fuels Asian Stock Gains Ahead of Crucial Rate Decision
Tech firms led gains in Asian stocks on September 7, despite a mixed day for overall markets. The rally came ahead of crucial events, including US inflation data that could influence the Federal Reserve's decision on interest rates.
FedWatch tool put the chances of an increase at more than 56% after figures showed the US economy created far more jobs than expected in August. Elias Haddad said a hot CPI print would 'all but seal a September hike and underpin a firmer US dollar'. A cooler reading would strengthen the case for a hold.
The spike in oil prices sent US diesel prices to a record high of $5.85 a gallon last week. South Korea's Samsung and SK hynix soared four and six percent respectively, while Kioxia, Tokyo Electron and Advantest rallied between five and 7.5% in Japan.