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ECB’s Philip Lane Warns Middle East Conflict Could Keep Inflation Elevated 
Asian stocks climbed on Tuesday, with technology shares extending gains alongside U.S. peers, fueled by ongoing optimism over artificial intelligence (AI). Japanese markets outperformed regional peers, hitting record highs after the election of a fiscally dovish prime ministerial candidate eased expectations for further interest rate hikes by the Bank of Japan (BOJ). However, overall trading volumes were subdued due to holidays in China, Hong Kong, and South Korea.
The upbeat sentiment across Asia followed Wall Street’s record-setting session on Monday, where chipmakers led a strong rally. Still, S&P 500 Futures edged down 0.1% in Asian trading, signaling a potential pause amid lingering concerns over a possible U.S. government shutdown. Global investor confidence was also tempered by political turmoil in France and caution ahead of speeches from Federal Reserve officials, including Chair Jerome Powell, later this week.
Japan’s Nikkei 225 surged up to 1% to a historic high of 48,544.0 points, while the TOPIX touched 3,248.39 points before easing slightly. Gains were driven by industrial and semiconductor stocks, with the market cheering the election of Sanae Takaichi as leader of Japan’s ruling Liberal Democratic Party. Takaichi, set to become Japan’s first female prime minister, is known for her expansionary fiscal stance and opposition to BOJ rate hikes. Her policies are expected to boost spending on manufacturing and defense, though uncertainty remains about how additional fiscal programs will be financed.
Asian tech stocks were another bright spot. Chipmakers surged after AMD (NASDAQ:AMD) soared nearly 24% on news it would supply AI chips to OpenAI, boosting expectations of sustained AI-related demand. Taiwan’s TSMC (TW:2330) gained 2.5%, Japan’s Advantest Corp. (TYO:6857) rose 2.2%, Tokyo Electron added 1%, and Renesas Electronics (TYO:6723) jumped 4.6%.
Elsewhere, Singapore’s STI rose 0.9%, while Australia’s ASX 200 slipped 0.3% as ASX Ltd. (ASX:ASX) fell nearly 2% following Cboe’s approval to operate as a securities listing market. India’s Nifty 50 futures signaled a positive open after surpassing 25,000 points on Monday.
