Asian stocks rebound as Wall Street recovery and AI-chip demand support markets

  • Asian stocks rebounded unevenly after Wall Street ended three sessions of declines, with Taiwan’s TAIEX and South Korea’s KOSPI advancing while Tokyo shares traded mixed.
  • Broadcom reported $29.59 billion in third-quarter revenue, including AI-chip sales of $16.7 billion, up 221%, while its fourth-quarter forecast was $34.8 billion versus a $35.03 billion consensus estimate.
  • Softer U.S. hiring, retreating Treasury yields and Federal Reserve commentary supported risk assets, but markets remained focused on Friday’s payrolls report, oil prices, inflation and U.S.-Iran tensions.

Asian equities advanced unevenly on Sept. 3 after U.S. stocks ended a three-session decline, with Taiwan’s TAIEX gaining as much as 352 points, South Korea’s KOSPI recovering from a 3.99% plunge and Tokyo shares fluctuating after the Nikkei’s 1,889.70-point sell-off. The Dow rose 295.07 points, or 0.55%-0.56%, to 53,061.95, the S&P 500 gained 0.46% to 7,666.60 and the Nasdaq advanced about 0.23%-0.45% to roughly 26,217.8. Broader U.S. buying extended beyond mega-cap technology, with the Russell 2000 up 1.1%, while Nvidia gained 3.2%, Dell surged 15.8% after raising its annual revenue forecast to $192 billion and reporting a $95 billion AI-server backlog, and Snowflake rose more than 23% after hours. Broadcom reported third-quarter revenue of $29.59 billion, including AI-chip sales of $16.7 billion, up 221%, and projected approximately $115 billion of AI-chip revenue in 2027 and $230 billion in 2028; its $34.8 billion fourth-quarter revenue forecast was below the $35.03 billion consensus estimate. ADP’s 38,000 August private-sector jobs, below the 47,000 forecast, and comments from New York Fed President John Williams reduced immediate rate-hike concerns, although markets still priced a 60%-68% chance of a September increase and awaited Friday’s nonfarm payrolls report, expected to show roughly 56,000 jobs. Elevated oil prices, inflation, possible U.S. semiconductor tariffs, Japanese bond yields and U.S.-Iran tensions remained risks, while gold rebounded more than 1% toward $4,435 and Brent eased toward $95.

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