Wed Sep 11 23:49:00 UTC 2024: ## Asian Markets Surge Following Wall Street Tech Rally

**HONG KONG, Sept. 7 (CNBC)** – Asian markets rallied on Thursday, buoyed by a strong performance on Wall Street driven by a surge in tech stocks.

The **Nikkei 225** in Japan jumped 3.41% to close at 36,833.27, while the **Taiwan Weighted Index** advanced 2.96% to finish at 21,653.25.

Chipmakers were a key driver of the Asian rally, extending the global chip boom sparked by Nvidia CEO Jensen Huang’s optimistic outlook on AI chip demand. Tokyo Electron rose 4.8%, Advantest gained 9%, and Renesas Electronics jumped 3.47%. SoftBank Group, with its stake in Arm, also surged 8.4%.

South Korea’s **Kospi** climbed 1.67%, with SK Hynix and Samsung Electronics soaring over 8% and 1.85% respectively. Taiwan Semiconductor Manufacturing Company closed 4.79% higher, and Hon Hai Precision Industry (Foxconn) rose 4.72%.

Other notable gains were seen in **Seven & i** shares, which rose as much as 7.3% after Bloomberg reported that Alimentation Couche-Tard is considering increasing its bid for the Japanese retail group.

On the economic front, Japan’s **producer price index** rose 2.5% year-on-year in August, slightly less than the expected 2.8% and the previous month’s 3%. This data is closely watched by the Bank of Japan, which has signaled its intention to raise interest rates further in the coming months.

Hong Kong and India are also set to release key economic data later today.

Meanwhile, Chinese home appliance maker **Midea Group** plans to price its shares at the top of the range in a Hong Kong listing, aiming to raise at least $3.46 billion. This is set to be the largest offering in Hong Kong since May 2021.

The **S&P/ASX 200** in Australia advanced 1.1% to close at 8,075.7. Hong Kong’s **Hang Seng index** was up 1% in its final hour of trading, while mainland China’s **CSI 300** slipped 0.43% to end at 3,172.9.

Overnight in the US, the major benchmarks rebounded from intraday lows as core CPI rose slightly more than expected, prompting investors to adjust their bets for a potential quarter-percentage-point rate cut by the Fed next week.

**—CNBC’s Pia Singh and Lisa Kailai Han contributed to this report.**

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