Asian Stocks Surge as Tech Giants Drive Market Rally

Asian stocks experienced an upswing on Thursday, bolstered by advances in major technology firms influenced by Wall Street's gains. Persisting tensions between the U.S. and Iran sustained elevated oil prices, while safe-haven flows continued to uphold gold prices.

Markets across Hong Kong, China, and Taiwan observed closures due to the Lunar New Year. Nonetheless, the MSCI's broad index of Asia-Pacific shares outside Japan climbed by 0.4%, and Tokyo's Nikkei advanced by 0.7%. In South Korea, the Kospi index soared over 3% to achieve a record high.

This surge in tech came after Nvidia announced a significant multi-year agreement to provide Meta Platforms with cutting-edge artificial intelligence chips. Tony Sycamore from IG highlighted the necessity for positive news, following recent declines in the tech sector. European markets anticipated a mixed opening, with DAX futures decreasing 0.3% and FTSE futures rising 0.15%.