Asian Shares Rise On Nvidia's Bullish Outlook

(RTTNews) - Asian stocks ended mostly higher on Thursday as bond yields retreated from recent highs on the back of weak August PMI data signaling weaker economic activity in Asia, Europe and the U.S.

Blockbuster earnings and bullish outlook from Nvidia also offered some support as investors looked ahead to the Federal Reserve's upcoming Jackson Hole symposium.

The dollar fell in Asian trade on improved risk sentiment and gold climbed to two-week highs while oil extended overnight losses on fuel demand concerns.

Chinese shares ended slightly higher, with the benchmark Shanghai Composite index closing up 0.12 percent at 3,082.24.

Hong Kong's Hang Seng index climbed 2.05 percent to 18,202.17, led by gains in the technology sector.

Japanese stocks extended gains for a fourth consecutive session, with tech stocks leading the surge.

The Nikkei average rose 0.87 percent to 32,287.21 while the broader Topix index ended 0.42 percent higher at 2,286.59.

Advantest, Tokyo Electron, Screen Holdings rose 1-3 percent, while AI-focused startup investor SoftBank Group added 2.7 percent.

Pacific Metals soared 5.1 percent after it announced a deal to develop nickel refining technology using microwaves.

Seoul stocks rallied after the Bank of Korea held interest rates steady, as expected, for a fourth straight month.

The Kospi average jumped 1.28 percent to 2,537.68, led by heavyweight technology stocks. Samsung Electronics gained 1.6 percent and SK Hynix surged 4.2 percent.

Australian markets rose for a third straight session, with financials and gold miners pacing the gainers. The benchmark S&P/ASX 200 rose 0.47 percent to 7,182.10 while the broader All Ordinaries index settled 0.45 percent higher at 7,400.60.

Whitehaven Coal plunged 5.1 percent after forecasting weaker-than-expected annual managed coal output and suspending a buyback program.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dropped 0.60 percent to 11,502.13.

U.S. stocks rose sharply overnight, with technology stocks leading the surge as the ten-year yield pulled back further off highest levels in well over fifteen years.

Economic reports painted a mixed picture of the world's largest economy, with activity in both the U.S. manufacturing and service sectors contracting more than expected in August while new home sales reached a 17-month high in July.

The tech-heavy Nasdaq Composite rallied 1.6 percent, the S&P 500 climbed 1.1 percent and the Dow rose half a percent.