Nikkei Surges Beyond 42,000 Milestone, Propelling Asia-Pacific Markets Amidst Tech Boom and Speculation of Rate Cuts

Money | July 10, 2024, 6:44 p.m.

South Korea is offering a substantial financial support program of 75.9 trillion won to companies increasing investments in key sectors and small businesses struggling with high interest rates. Meanwhile, Japan's Nikkei 225 hit a new high, crossing the 42,000 mark for the first time, boosted by a U.S. Big Tech rally and confidence in Federal Reserve rate cuts. Chip stocks were a major driver of the U.S. trading session, with Taiwan Semiconductor Manufacturing Company exceeding revenue estimates and Nvidia climbing 2.7%. Investors are closely monitoring the tech sector in Asia, particularly in Japan, where chip-related companies are propelling the Nikkei 225 to record levels. Economic announcements in the region include Japan's May machinery orders and the Bank of Korea's rate decision, shaping the outlook for the region's market performance.