Asian chip stocks rally a day after Wall Street slips on hot inflation
South Korea's Kospi rose more than 2% on Wednesday, led by chipmakers SK Hynix, up more than 5%, and Samsung Electronics, up more than 3%, on AI chip demand. Japan's Nikkei 225 rose 1.3%. On Tuesday, U.S. stocks fell after October inflation came in hotter than expected: the S&P 500 lost 0.4%, the Dow 0.3% and the Nasdaq 0.7%, and Nvidia fell 5.5%. The hot report raised the chance of a Federal Reserve rate hike in December. U.S. Treasury cash markets are closed for Veterans Day.
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Why it matters
Hotter-than-expected October inflation raised the chance that the Federal Reserve raises interest rates in December, which matters for anyone borrowing money. Nvidia was the biggest drag on the S&P 500 on Tuesday.
What to watch
The Federal Reserve's next rate decision comes at its December 8-9 meeting.
Sources
- AP via KSAT: Asian markets mostly gain on AI chip demand
- Korea JoongAng Daily: Kospi rises 2.6% as Samsung, SK hynix lead
- Saxo: Asia Market Quick Take, Nov. 11
- Mortgage Professional: Fed rate hike odds after Waller remarks
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