Home Business Technology stocks surge, Bank of Korea rate announcement, Nikkei reaches new high.

Technology stocks surge, Bank of Korea rate announcement, Nikkei reaches new high.

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Technology stocks surge, Bank of Korea rate announcement, Nikkei reaches new high.

South Korea has announced a financial support program of 75.9 trillion won ($56.97 billion) to aid companies increasing investment in key sectors and small businesses struggling with the impact of high interest rates. The initiative aims to bolster the economy and provide much-needed relief to businesses amid challenging economic conditions. This move comes as Japan’s Nikkei 225 surged to a new high, crossing the 42,000 mark for the first time, with other Asia-Pacific markets also experiencing gains fueled by a U.S. Big Tech rally and increased confidence in Federal Reserve rate cuts.

Chip stocks were among the big winners in the U.S. trading session, with companies like Taiwan Semiconductor Manufacturing Company, Qualcomm, Broadcom, and Nvidia seeing positive movement. Japan, on the other hand, experienced a setback as core machinery orders unexpectedly fell for the second consecutive month, suggesting a fragile economy that could complicate the Bank of Japan’s plans for monetary policy normalization. Despite this, South Korea’s Kospi and Kosdaq indexes showed promise, while Australia’s S&P/ASX 200 also recorded a rise. Overall, global markets are responding positively to factors like rate cut expectations and rallying tech stocks, indicating a mix of optimism and cautiousness in the current economic landscape.

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