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In Shanghai, the iconic skyscrapers of the Pudong Lujiazui Financial District stood tall on March 1, 2022, as captured by Xiao Yang of the Visual China Group for Getty Images. Meanwhile, across the Asia-Pacific region, financial markets presented a mixed picture on Tuesday.
The day followed a notable rebound in tech stocks on Wall Street, fueled by a strong rally in shares of Alphabet, the parent company of Google. Investors were buoyed by the company’s recent strides in artificial intelligence, particularly after it unveiled its latest AI model, Gemini 3. This optimism propelled Alphabet’s stock to close up by 6.31% on Monday. The positive sentiment spilled over to other AI-related stocks, such as Broadcom and Micron Technology, which also saw significant gains. This upward momentum began last Friday when the head of the New York Federal Reserve suggested a possible interest rate cut in December, adding to the market’s enthusiasm.
In Japan, the Nikkei 225 index ended the day virtually unchanged at 48,659.52, while the Topix index saw a slight decline of 0.21%, closing at 3,290.89. Among the top performers on the Nikkei 225 were AI-related stocks, with Advantest, a supplier of semiconductor testing equipment, rising by 4.18%. Tokyo Electron, a key provider of chipmaking equipment used in Nvidia’s chip production, also experienced a gain, climbing 3.05%. However, Lasertec, another player in the chip equipment sector, lost its earlier gains and ended the day flat.
Optimism about Alphabet’s standing in the AI race started last week after the tech giant announced its upgraded AI model, Gemini 3. The stock closed 6.31% higher Monday. Other AI-related stocks, such as Broadcom and Micron Technology, also popped higher, building on a wider rebound that started on Friday, when the head of the New York Federal Reserve left the door open to a December interest rate cut.
Japan’s benchmark Nikkei 225 index closed flat at 48,659.52, and the Topix index fell 0.21% to end at 3,290.89.
AI-related stocks were among the top gainers on the Nikkei 225, with semiconductor testing equipment supplier Advantest trading 4.18% higher and Tokyo Electron, which provides essential chipmaking equipment to foundries that manufacture Nvidia’s chips, gained 3.05%. However, chip equipment maker Lasertec gave up earlier gains, closing flat.
South Korea’s Kospi index rose 0.3% to close at 3,857.78, while the small-cap Kosdaq pared earlier gains to close flat at 856.03. Index heavyweights SK Hynix fell 0.19% and Samsung Electronics rose 2.69%.
Australia’s ASX/S&P 200 closed 0.14% higher in volatile trading, at 8,537.
Hong Kong’s Hang Seng Index and the Hang Seng Tech index pared gains to 0.22% and 0.42%, respectively. The mainland’s CSI 300 climbed 0.99%.
India’s Nifty 50 was flat in early trading, while the BSE Sensex index pared gains to hover above the flatline.
U.S. equity futures were little changed in early Asian hours.
Overnight, the S&P 500 rose 1.55% to close at 6,705.12, while the Nasdaq Composite jumped 2.69% to settle at 22,872.01. It was the tech-heavy index’s best day since May 12, when it rose 4.35%. The Dow Jones Industrial Average climbed 202.86 points, or 0.44%, to end at 46,448.27.
— CNBC’s Sean Conlon and Yun Li contributed to this report.
