Asian Markets Climb Led By Tech Stocks

(RTTNews) - Asian stocks advanced on Wednesday as focus remained on earnings reports from the U.S. megacaps due this week.

Facebook owner Meta Platforms will declare its first-quarter earnings later today, while Microsoft and Alphabet will report their financial results on Thursday.

Electric vehicle giant Tesla announced plans to introduce new vehicle models earlier than previously anticipated, boosting optimism about growth.

The dollar and U.S. Treasury yields dipped after U.S. manufacturing and services PMI numbers came in weak.

Gold struggled for direction in Asian trading but stayed above $2,300 per ounce. Oil prices were largely unchanged after seeing sharp gains in the previous session on bullish inventory data.

Chinese shares rose notably, with the Shanghai Composite index rising 0.76 percent to 3,044.82 after Ping An Insurance reported better-than-expected growth in its new-business values.

Hong Kong's Hang Seng index jumped 2.21 percent to 17,201.27. Shares in Chinese artificial intelligence (AI) software developer SenseTime Group soared 31.2 percent after the company announced its latest generative AI model.

Japanese markets ended sharply higher as strong earnings from Texas Instruments lifted chip-related stocks.

The Nikkei average jumped 2.42 percent to 38,460.08, extending gains for a third day running ahead of a BOJ policy meeting later in the week. The broader Topix index settled 1.67 percent higher at 2,710.73.

Advantest rallied 3.6 percent, Screen Holdings added 4.6 percent, Tokyo Electron soared 7.1 percent and Renesas Electronics jumped 10.5 percent.

Nikon surged 10.3 percent to post its biggest daily gain in 11 years after investment management company Silchester International Investors disclosed it has taken a stake in the camera maker.

The yen was pinned near 34-year lows against the dollar after Japanese Finance Minister Shunichi Suzuki said that the environment for an appropriate response over the foreign exchange market has become ready.

Seoul stocks advanced, with the Kospi average closing up 2.01 percent at 2,675.75 - logging its biggest rise since March 21.

Tech heavyweights Samsung Electronics and SK Hynix climbed 4.1 percent and 5.2 percent, respectively. Battery maker LG Energy Solution added 4.1 percent.

Australian markets gave up initial gains to end marginally lower after data showed consumer inflation in the country remained strong in the first quarter, reinforcing the case for the Reserve Bank to keep interest rates higher for longer. Across the Tasman, New Zealand's benchmark S&P NZX-50 index closed up 1.21 percent at 11,946.43.

U.S. stocks rose for a second straight session overnight as investors digested a batch of strong corporate earnings, weak manufacturing data and mixed readings on the housing sector.

Treasury yields pulled back after a survey showed U.S. business activity cooled in April to a four-month low.

The Dow rose 0.7 percent, the S&P 500 climbed 1.2 percent and the tech-heavy Nasdaq Composite jumped 1.6 percent.