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Asian stocks climb amid stable rates and tech gains
Asian stocks rose, supported by strong results from major American tech companies like Microsoft and Amazon, which exceeded expectations, boosting confidence in continued AI-related spending. In Japan, the Bank of Japan kept interest rates steady at 1%, despite rising inflation and an accelerated 1.3% increase in industrial production in June. However, consumer spending remained weak, with retail sales falling by 0.5%. In South Korea, the KOSPI index surged over 14% after significant previous losses, while stock indices in China and Hong Kong declined due to manufacturing sector challenges and geopolitical events, despite some leading markets seeing gains.
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