Chip stocks power another rally in Asia
Global investors continue to pile into semiconductor stocks, fuelling another powerful rally across Asian equity markets.
South Korea's Kospi surged by more than 14% at one stage, while Japan's Nikkei 225 also advanced sharply on the back of strong demand for chip-related shares. The momentum is increasingly taking on speculative characteristics as investors continue to chase AI-driven technology names.
BoJ stays cautious as China data weakens
As widely expected, the Bank of Japan left interest rates unchanged at today's policy meeting, reiterating that it will continue to monitor inflation developments closely.
The message echoed recent communications from both the Federal Reserve and the Bank of England, with policymakers maintaining a cautious stance while keeping future policy options open. In contrast, weaker-than-expected economic indicators from China pointed to a further moderation in economic activity, reinforcing concerns over slowing growth in the world's second-largest economy.
Amazon rallies while Apple comes under pressure
Corporate earnings once again delivered a mixed picture overnight, with Amazon and Apple received very differently by investors.
Amazon shares rallied strongly after another impressive quarter, driven by robust cloud computing revenues and continued strength across its broader business. Apple, by contrast, came under heavy selling pressure. Although iPhone sales exceeded expectations, weaker-than-anticipated growth in the company's high-margin services division disappointed investors.
