Asia-Pacific markets are mostly higher after AI trading lifted Wall Street overnight
Asia-Pacific markets opened mostly higher on Tuesday, after artificial intelligence trading lifted Wall Street’s main indexes overnight.
Nvidia shares rose more than 1% after Reuters reported that the company plans to start shipping its H200 chips to China by mid-February. Micron Technology rose about 4%, while Oracle advanced more than 3%.
Australia’s S&P/ASX 200 rose 1.11% and is on track for a fourth straight day of gains.
Japan’s Nikkei 225 was unchanged, while the broad Topix gained 0.56%, led by financials and healthcare stocks.
On Tuesday, Japanese Finance Minister Satsuki Katayama reportedly said the country has a “free hand” in dealing with the yen’s recent sharp depreciation, signaling that currency intervention is not out of the question, SEEbiz reports.
The yen weakened sharply on Friday, despite the Bank of Japan raising interest rates to a 30-year high, hitting a low of 157.77 against the dollar before rallying on Monday and Tuesday. It was last traded at a price of 156.27.
Katayama said the Japanese currency’s fluctuations did not reflect economic fundamentals, describing them as “speculative.”
South Korea’s Kospi rose 0.43%, but the small-cap Kosdaq fell 0.79%. Shares of shipbuilder Hanwha Ocean rose 10% after US President Donald Trump said the company would work with the US Navy to build its new frigates.
Hong Kong’s Hang Seng index rose 0.1%, while mainland China’s CSI 300 gained 0.35%.
Chinese newcomers set the Hong Kong market on fire in their debut on Tuesday, with shares of QingSong Health Corporation and Nuobikan Artificial Intelligence Technology jumping 134% and 323% respectively after their strong, if small, initial public offerings (IPOs).
QingSong Health Corporation’s initial public offering in Hong Kong was met with overwhelming demand, with the domestic tranche subscribed 1,421 times, according to stock exchange data, raising nearly 602 million Hong Kong dollars (about $77 million). Nuobikan recorded 188.74 subscriptions to its public tranche of shares in Hong Kong, raising HK$303 million.
