Market Overview

Asian equities were mixed on Wednesday. The MSCI Asia Pacific Index rose as much as 0.8%, extending a two‑day rally. South Korea’s KOSPI gained 1.8%, Japan’s Nikkei 225 advanced 1.2% and the TOPIX rose 0.8%. By contrast, Hong Kong’s Hang Seng fell 0.9% and both the CSI 300 and Shanghai Composite slipped 0.2%.

Chipmakers Lead Gains

In Japan, South Korea and Taiwan, semiconductor stocks rallied. SK Hynix climbed 3.6%, LG Innotek rose 3.6% and Samsung Electronics added 2.4% in South Korea. In Japan, TDK gained 3.43%, Kioxia advanced 2.99% and Murata Manufacturing rose 2.65%. Taiwan Semiconductor Manufacturing (TSMC) rose 2.63% and Largan Precision added 2.96%.

Chinese Tech Weakness

Chinese and Hong Kong technology shares fell. NetEase dropped 2.6%, MiniMax fell 2.6% and Meituan declined 2.0%. CXMT slipped 0.2% while SMIC edged up 0.1%.

CoreWeave Earnings Boost AI Optimism

CoreWeave shares rose about 2% in late U.S. trading after the AI‑computing provider reported quarterly results that beat analyst estimates and raised its full‑year forecast, signalling continued demand for data‑centre capacity. The market also noted Anthropic’s planned listing, which targets a fully‑diluted valuation of $1.4 trillion.

U.S. Inflation and Fed Rate Outlook

U.S. consumer‑price data showed a 0.4% month‑on‑month increase in headline CPI and a 0.3% rise in core CPI, exceeding expectations for a third consecutive month. Markets are now pricing in a 0.25% Federal Reserve rate hike in December and the possibility of three quarter‑point hikes by June. Dallas Fed President Lorie Logan said faster increases could be needed over the winter; Fed Governor Christopher Waller indicated a 50‑basis‑point move in December may be warranted; Chicago Fed President Austan Goolsbee described the report as “disturbing.” U.S. cash Treasury trading was closed on Wednesday for a public holiday.

SoftBank Loss and Alibaba IPO Filing

SoftBank Group fell as much as 11% in Tokyo after reporting a ¥1.12 trillion (≈$7.1 billion) fiscal second‑quarter loss, which included a $3.7 billion writedown on its U.S. data‑centre projects amid falling AI valuations. Alibaba disclosed that its chip division, T‑Head, had confidentially filed Form A1 for a Hong Kong IPO on 11 September, after receiving exchange clearance for the spin‑off; Alibaba shares nevertheless slipped 1.3%.

Other Regional Benchmarks

Australia’s S&P/ASX 200 rose 0.1%, Singapore’s STI gained 0.7%, and India’s Nifty and Sensex rose 0.2% and 0.1% respectively.

Additional Context

The pullback in Chinese and Hong Kong tech shares reflects higher U.S. rate expectations, lingering concerns over AI valuations, and uncertainty about U.S.–China technology cooperation ahead of the November 18‑19 Trump‑Xi meeting. A broker downgrade also compounded losses in Meituan.