In a notable trading session on Tuesday, Taiwan’s benchmark Taiex surged by 1.42%, reaching a record high, propelled by a robust rally in tech stocks following Nvidia’s recent partnership announcement with OpenAI. This positive momentum was mirrored across various markets in Asia, with Australia’s ASX/S&P 200 climbing 0.52%, while South Korea’s Kospi and small-cap Kosdaq saw gains of 0.69% and 0.56%, respectively.
However, not all markets experienced gains. The Hang Seng Index in Hong Kong declined by 0.99% as the region prepared for the imminent arrival of Super Typhoon Ragasa. The Hong Kong Observatory issued warnings about deteriorating conditions beginning later in the day, with the typhoon expected to make its closest approach to the Pearl River Estuary on Wednesday morning. Meanwhile, mainland China’s CSI 300 fell by 1.02%, contributing to a mixed atmosphere in the region.
Japan’s markets remained closed for a holiday, while investor attention turned towards India’s tech stocks, which had seen a decline on Monday. This fluctuation comes in the wake of a significant policy shift announced by U.S. President Trump last Friday. The new rule imposes a $100,000 visa fee on H-1B visas, specifically affecting high-skilled foreign workers. Notably, data shows that approximately 71% of the nearly 400,000 H-1B visas issued in 2024 were awarded to Indian nationals.
In Singapore, the economic landscape showed signs of easing inflation, with the core inflation rate for August recorded at 0.3%. This figure, which excludes private transport and accommodation costs, marked the lowest rise in over four years and fell short of the 0.5% anticipated by economists surveyed by Reuters.
In the United States, major market indices concluded the day on a high note. The S&P 500 achieved new heights, closing up 0.44% at 6,693.75, fueled by renewed investor confidence regarding the potential of artificial intelligence stemming from the Nvidia-OpenAI collaboration. The Nasdaq Composite also made notable gains, jumping 0.70% to finish at 22,788.98, while the Dow Jones Industrial Average increased by 66.27 points, a 0.14% rise, ultimately settling at 46,381.54. All three indices reached new all-time intraday highs during the trading session and closed at record levels.
Amidst these developments, market players are keenly observing both the economic indicators and the geopolitical climate, as they may heavily influence future trading strategies and investor sentiment.
