Asian stock markets eked gains after better-than-expected revenue at chip giant Nvidia helped the sector in Taiwan and South Korea and offset worries that strong economic data so far this year is a harbinger of even more rate hikes.
“The semiconductor sector has been troubled, but signs of recovery are picking up,” said Kiyong Seong, lead Asia macro strategist at Societe Generale in Hong Kong. “Markets have positioned for a recovery in the second half of this year so anything supportive of that is helpful for prices.”
Currency trade was lightened by a holiday in Japan but the drift was in line with the broader mood – sending the dollar down a little bit in favour of riskier currencies. Oil nursed sharp Wednesday losses, and Brent crude futures clung to support around $80 a barrel on Thursday. Wall Street indexes fell overnight and are eyeing their worst week of the year so far as stronger-than-forecast U.S. labor, inflation, retail sales and manufacturing figures have traders pricing interest rates staying higher for longer.
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