Asian Shares Edge Higher as Chipmakers Recover Before US CPI
A rebound in South Korean semiconductor stocks lifted regional shares, while oil prices and uncertainty ahead of US inflation data kept investors cautious.
Key takeaways
- MSCI’s Asia-Pacific index outside Japan rose 0.5% on Wednesday.
- Samsung Electronics and SK Hynix shares rebounded in South Korea.
- Investors awaited US CPI data for clues on the Federal Reserve’s rate path.
Asian shares edged higher Wednesday as chipmakers rebounded from recent losses, with investors awaiting US inflation data. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5%, while South Korea’s Kospi gained 1.8%.
Samsung Electronics and SK Hynix advanced more than 2% in early trading, Reuters reported. As of 05:10 UTC, Samsung was up 1.29% and SK Hynix was down 0.42% from the previous close.
Gains were tempered by elevated oil prices after attacks on Saudi Arabia raised concern over energy supplies. Brent crude reached $106.6 a barrel, while US crude rose 0.8% to $94.96.
Investors awaited US CPI figures for signals on the Federal Reserve’s rate outlook. Economists expected annual headline inflation to accelerate to 3.6% in September, while markets priced in a 22% chance of an October rate hike, according to Reuters.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
