Asian shares diverge as chip rally lifts Kospi, Nikkei awaits US CPI
The split between Tokyo and Seoul on Wednesday captures two different reads on the same macro backdrop. Japanese investors are staying cautious ahead of the US inflation print, unwilling to commit to a direction with both Fed rate expectations and the Middle East outlook still unresolved, which has kept the Nikkei essentially rangebound and its AI heavy constituents mixed. Korean markets, by contrast, are trading almost entirely off a semiconductor demand story, with strong AI infrastructure signals from names like Coreweave and Supermicro feeding directly into Samsung and SK Hynix even as broader risk sentiment softened on Wall Street overnight. Foreign buying into Korean equities alongside a weaker won suggests that flow is currency agnostic for now, chasing the chip cycle rather than reacting to the same geopolitical hesitancy weighing on Japan. Wednesday's CPI data is likely to be the bigger swing factor for both markets from here, though Korea's move looks more idiosyncratic and less tied to that release than Japan's.
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Earlier:
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Tokyo is waiting on the Fed, Seoul is riding the AI chip cycle, and for one session those two stories couldn't look more different.
Summary:
- Japan's Nikkei traded roughly flat, last up around 0.05% near 67,010, after swinging between a gain of about 0.25% and a loss of around 0.35% through the session, while the broader Topix rose around 0.4% to roughly 4,120
- Analysts said Japanese investors are reluctant to buy aggressively ahead of the US CPI release, still trying to gauge whether the Federal Reserve might bring forward rate hikes, with AI related shares on the Nikkei trading mixed
- The US and Yemen's Iran aligned Houthis reported separate shipping attacks, and Iran's top security official said the Strait of Hormuz will stay closed unless the US meets Iran's conditions, keeping geopolitical uncertainty elevated
- South Korea's Kospi rose for a third straight session, up roughly 220 points, or around 3.5%, to about 6,565, its highest level in more than a week, as chipmakers rallied on AI optimism
- Samsung Electronics gained around 6% and SK Hynix rose almost 4%, with analysts citing improving flows into semiconductor and domestic AI related stocks on the back of robust AI infrastructure demand signalled by Coreweave and Supermicro
- Wall Street closed lower on Tuesday, with Amazon and Alphabet both slipping as investors grew more pessimistic on a Middle East deal, even as the Philadelphia Semiconductor Index rose around 1%
- Foreigners were net buyers of Korean shares worth around 900 billion won, about $635 million, even as the Korean won weakened against the dollar and the benchmark bond yield held steady
Asian equity markets split sharply on Wednesday, with Japan's Nikkei struggling for direction ahead of closely watched US inflation data while South Korean shares surged on a chipmaker led rally. The Nikkei was last trading roughly flat, up around 0.05% and hovering near 67,010, after swinging between a gain of about a quarter of a percent and a loss of around a third of a percent earlier in the session. The broader Topix fared slightly better, rising around 0.4% to approximately 4,120.
Investor caution in Tokyo centred on the US Consumer Price Index release due later Wednesday, seen as a key input into whether the Federal Reserve might move up the timing of future rate hikes. One analyst said investors were reluctant to buy aggressively ahead of the data as markets continue assessing that possibility, a hesitancy reflected in mixed trading among the AI related shares that carry heavy weight in the Nikkei index. Adding to the cautious mood, the US and Yemen's Iran aligned Houthis reported separate attacks on shipping on Tuesday, while Iran's top security official reiterated that the Strait of Hormuz will remain closed unless Washington accepts Tehran's conditions for ending the conflict, dimming hopes for a near term breakthrough.
South Korea told a markedly different story. The benchmark Kospi extended its gains for a third consecutive session, rising roughly 220 points, or around 3.5%, to about 6,565, its highest level in more than a week, as semiconductor stocks jumped on renewed AI optimism. That rally came despite a softer session on Wall Street overnight, where Amazon and Alphabet both slipped as investors grew more pessimistic about the prospects for a Middle East deal, even as the Philadelphia Semiconductor Index still managed to rise around 1%. One market participant said flows into semiconductor and domestic AI related stocks were improving on the back of robust AI infrastructure demand, pointing to recent signals from Coreweave and Supermicro as evidence of that trend.
Among individual movers, index heavyweight Samsung Electronics rose around 6%, while peer SK Hynix gained almost 4%, both benefiting directly from the AI infrastructure narrative driving the broader rally. Foreign investors were net buyers of Korean shares worth around 900 billion won, or roughly $635 million, even as the Korean won weakened against the US dollar and the country's benchmark bond yield held steady. The divergence between the two markets underscores how differently the same set of global cross currents, a pending US inflation print, uncertain Fed policy and an unresolved Middle East conflict, are being absorbed depending on each market's underlying sector exposure, with Korea's chip heavy index proving far more responsive to the AI demand story than to the geopolitical and monetary policy questions currently keeping Japanese investors on the sidelines.
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US inflation data to come today at 8.30 am US Eastern time:
This article was written by Eamonn Sheridan at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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