Asian Shares Mostly Higher As Tech Stocks Surge

(RTTNews) - Asian stocks rose broadly on Friday, with technology stocks leading the surge after reports emerged that SK Hynix and Intel are in early talks to produce memory chips together at Intel's idle Ohio complex in the United States.

Gold prices jumped more than 1 percent toward $4,400 an ounce, after having snapped a three-day decline the previous day on the back of easing oil prices and a weaker dollar.

Brent crude futures fell over 2 percent toward $102 a barrel, extending losses for a third session on hopes of limited supply disruption and renewed diplomatic efforts to end the conflict.

It was reported that China privately urged Iran to curb Houthi attacks after Saudi Arabia's appeal, a move that could potentially ease disruptions around the Bab el-Mandeb.

U.S. President Donald Trump stated that Washington is "hopefully toward the end" of its fighting with Iran and that he has spoken "directly" with Iranian officials.

Ahead of a planned meeting next Tuesday with leaders from six Gulf countries on the sidelines of the UN General Assembly in New York, Trump said that he is approaching a critical juncture in the Iran war over whether to resume massive attacks to bring the conflict to a close.

China's Shanghai Composite index climbed 0.94 percent to 3,911.87 ahead of the upcoming U.S.-China summit.

U.S. Treasury Secretary Scott Bessent is expected to meet Chinese Vice Premier He Lifeng this weekend for final preparations ahead of the September 24 meeting at the White House between Chinese President Xi Jinping and U.S. President Donald Trump.

Hong Kong's Hang Seng index closed 0.60 percent higher at 24,750.78 as the Hong Kong Monetary Authority (HKMA) raised its base rate to 4.25 percent, following a 25-bps-point upward shift in the target range for the U.S. federal funds rate.

Japanese markets rallied while the yen sank against its major peers after the Bank of Japan raised its key benchmark rate by 25 basis points to 1.25 percent in a split vote, with two of the nine board members voting against the increase.

Hours before the BoJ's dovish rate hike, data showed Japan's inflation slowed for the first time in four months in August, largely reflecting the effect of government subsidies.

The Nikkei average jumped 1.38 percent to 65,018.95 while the broader Topix index finished marginally lower at 4,091.14 after a choppy session. Tech stocks surged, with Tokyo Electron, Advantest, Lasertec Corp and Kioxia Holdings rising 4-9 percent.

Seoul stocks soared on eased inflation woes. The Kospi index surged 2.66 percent to 6,894.23, led by tech heavyweights.

Samsung Electronics rose 3.4 percent and SK Hynix rallied 6.4 percent after Jensen Huang, Nvidia's CEO, said that chip sales volume next year will double from this year's levels.

Australian markets ended on a flat note. While the benchmark S&P/ASX 200 finished marginally lower at 8,731.20, the broader All Ordinaries index edged up 0.13 percent to close at 8,922.70.

Mining stocks surged as copper and precious metals prices bounced from their recent sell-off. Rate-sensitive banks underperformed after RBA Governor Michele Bullock warned Parliament that inflation remains too high.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index slipped 0.13 percent to 13,739.14, reversing morning gains.

U.S. stocks rose sharply overnight as oil prices and bond yields retreated amid optimism surrounding Saudi Arabia's efforts to reroute crude exports through Oman and restore the East-West pipeline.

The Fed's first interest-rate hike in three years also instilled confidence in investors regarding the central bank's resolve to bring inflation under control.

In economic releases, applications for U.S. employment benefits fell to the lowest since July last week and recurring claims dropped to a more than two-year low, signaling the labor market is on a solid footing.

The tech-heavy Nasdaq Composite soared 1.7 percent, the S&P 500 climbed 1.1 percent and the narrower Dow advanced 0.6 percent.