Asian stocks rise as chipmakers rally; Nikkei jumps 2.5% on Micron outlook

  • Asian stocks advanced as Japanese chipmakers gained after Micron issued a strong revenue forecast.
  • The Nikkei 225 rose 2.5%, while South Korean exports increased 83.5% year over year.
  • Chinese mainland exchanges remained closed through Oct. 7 and were scheduled to reopen Oct. 8.

Asian stocks mostly advanced Thursday, led by Japanese chipmakers after Micron Technology forecast first-quarter revenue above analysts' estimates, reinforcing expectations that artificial intelligence demand will support memory-chip sales. The Nikkei 225 jumped 2.5%, while the TOPIX gained 0.2%; Advantest rose nearly 8%, Kioxia Holdings added 4.2% and Tokyo Electron climbed about 5%. Taiwan's Weighted index edged up 0.3%, with TSMC rising 1%, while South Korea's KOSPI gained 0.9% as Samsung Electronics and SK Hynix advanced 1% and 1.6%, respectively. South Korean exports rose 83.5% from a year earlier, exceeding expectations, with semiconductor shipments reaching a record high. U.S. stock-index futures also rose in Asian trading, led by Nasdaq futures, after Wall Street closed mixed. Softer U.S. inflation data eased pressure on the Federal Reserve to raise rates again in October: the PCE price index increased 0.3% in August, below economists' 0.4% forecast, while annual PCE inflation was 2.6% and monthly core inflation rose 0.2%. India's Nifty 50 slipped 0.3%, Singapore's Straits Times Index was largely flat and Australia's S&P/ASX 200 fell 2% after the country's August goods-trade surplus narrowed sharply to A$495 million from a revised A$1.351 billion in July. Australia's exports rose 3.7% month on month, but imports increased 5.8%, while the monthly inflation indicator accelerated to 4.0% in August from 3.5% in July and trimmed-mean inflation held at 3.6%. Chinese mainland markets were closed for the National Day holiday, with exchanges due to remain shut through Oct. 7 and resume trading Oct. 8; Hong Kong was also closed Thursday. Regional gains remained limited by elevated bond yields and oil prices, with Brent crude near $100 a barrel amid stalled U.S.-Iran talks and concerns about prolonged Middle East supply disruptions. The Australian data also kept attention on the Reserve Bank of Australia's policy outlook after its latest rate hike this week.

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