Asian stocks rally on AI enthusiasm ahead of Fed decision

Summarised from 2 outlets · Updated 28 Oct, 02:50 · Archive

Asian stock markets have risen after renewed enthusiasm for artificial intelligence and strong earnings from South Korean chipmaker SK Hynix.

Asian stock markets rallied after renewed enthusiasm for artificial intelligence. South Korea's KOSPI jumped more than three per cent, Japan's Nikkei added 1.2 per cent and the MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.85 per cent in early trade.

South Korean chipmaker SK Hynix reported a more than seven-fold rise in quarterly operating profit, adding to the positive mood. AI-related funding announcements from Meta, SpaceX and Broadcom this week also boosted sentiment, as did Anthropic's initial public offering filing.

Investors are now watching for earnings from technology giants Alphabet and Microsoft after market close. SWBC Chief Investment Officer Chris Brigati said the focus is on whether investment in AI will translate into sustainable revenue growth. 'The period of a rising market lifting all stocks has started to shift. Future expectations are more focused upon execution risk and how much future success is already embedded in the current stock price,' Brigati said.

A Federal Reserve policy decision is expected later on Wednesday, where a steady outcome is widely anticipated.

How it is being reported

• Asian stocks rally, $US steady before Fed decisionThe MSCI's broadest index of Asia-Pacific shares outside Japan is higher, boosted by strong rises in Japan and South Korea.The West Australian · 28 Oct, 02:14
• Asian stocks rally, $US steady before Fed decisionThe MSCI's broadest index of Asia-Pacific shares outside Japan is higher, boosted by strong rises in Japan and South Korea.Perth Now · 28 Oct, 02:14

In this story: SK Hynix · Alphabet · Microsoft · Japan · South Korea · Meta · Federal Reserve

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