Asia-Pacific markets mostly rose Wednesday as semiconductor and related stocks jumped after Nvidia rallied overnight, while higher Australia’s inflation rate climbed for a third straight month.
In Japan, the Nikkei 225 index piled on 493.92 points, or 1.3%, to 39,667.07, hitting its highest level since April 9.
In Hong Kong, the Hang Seng index jumped 17.03 points, or 0.1%, to 18,089.93.
Semiconductor and related stocks rose after Nvidia shares closed 6.76% higher overnight. Advantest jumped more than 7%, while Taiwan Semiconductor Manufacturing Company gained 1.59%, SK Hynix was up 5.33%, and MediaTek increased 1.44%. Samsung Electronics rebounded and gained 0.62%.
Australia’s headline inflation for May came in at 4%, compared with the 3.6% recorded in April. The core inflation rate also came in at 4%, higher than the 3.8% expected by a Reuters poll of economists.
The higher-than-expected inflation reading could spur the RBA to raise interest rates. RBA Governor Michelle Bullock recently revealed the central bank discussed hiking rates at its last meeting.
Separately, Singapore’s May factory output climbed 2.9% in May, beating expectations from a Reuters poll of economists, which predicted a 2% year-on-year growth rate.
In other markets
In Shanghai, the CSI 300 recovered 22.36 points, or 0.7%, to 3,480.26.
In Singapore, the Straits Times Index gained 5.42 points, or 0.2%, to 3,331.70.
In Korea, the Kospi index regained 17.66 points, or 0.6%, to 2,792.05.
In Taiwan, the Taiex index shot higher 110.72 points, or 0.5%, to 22,986.69.
In New Zealand, the NZX 50 hiked 118.58 points, or 1%, to 11,835.02.
In Australia, the ASX 200 dropped 55.78 points, or 0.7%, to 7,783.01.