Tech Stocks Rebound as Asia Markets Mixed Ahead of Crucial Inflation Data
Asian markets are mixed on Monday as tech stocks rebounded despite a forecast-busting US jobs reading that boosted bets for a Federal Reserve interest rate hike next week.
The gains were led by chipmakers in Seoul and Tokyo, with Samsung and SK hynix soaring four and six percent respectively, while Kioxia, Tokyo Electron, and Advantest rallied between five and 7.5 percent in Japan.
However, Hong Kong, Singapore, Wellington, and Manila fell, while Shanghai was flat.
The rally comes as investors await the release of US inflation data on Friday, which is seen as critical in deciding whether the Fed hikes rates next week or stands put.
A September 16 Fed funds rate hike hinges on Friday's US August CPI print, according to Elias Haddad at Brown Brothers Harriman.