Asian Shares Rise on Chip Stocks Ahead of Rate Decisions

Asian shares rose Tuesday while European indexes slipped, leaving global stocks mixed ahead of central bank decisions and a week of major technology earnings reports.

South Korea's Kospi briefly climbed more than 4% before closing 3.1% higher at 5,638.34. Chipmaker SK Hynix gained 5.2% and Samsung Electronics rose 4.2%. In Tokyo, the Nikkei 225 added 1.7% to 63,268.37, with Advantest jumping 9.6% and SoftBank Group climbing 5%.

European markets opened lower. Germany's DAX fell 0.1% to 25,373.71, France's CAC 40 dropped 0.3% to 7,824.83, and Britain's FTSE 100 declined 1% to 10,664.58.

The moves followed a Monday session on Wall Street where the S&P 500 rose 0.7%, the Dow added 0.3%, and the Nasdaq composite climbed 0.8%. Nvidia gained 2.4%, recovering part of its losses after three straight losing weeks, its longest such stretch since June. The S&P 500 closed within 1.8% of the record it set earlier this month.

Semiconductor demand has supported economic growth in South Korea, where the economy expanded at a 3.4% annual rate in the July-September quarter, according to data released Tuesday. That figure came in above expectations.

Traders were also tracking a closed-door meeting in Beijing of top leaders of China's ruling Communist Party for any announcements. Hong Kong's Hang Seng slipped 0.7% to 23,041.32, and the Shanghai Composite dropped 1.3% to 3,648.30.

Earnings reports due this week are scheduled to show how spending on artificial intelligence is trending. Anthropic disclosed details Monday about its losses as it prepares to sell stock on the U.S. public market for the first time. SpaceX, which also runs the xAI business, announced a roughly $40 billion deal with an entity managed by Apollo Global Management to lease AI computing power.

SK Hynix reports third-quarter results Wednesday, with Samsung following Thursday. Alphabet and Microsoft report Wednesday, and Amazon follows Thursday.

The Federal Reserve raised the fed funds rate last month, its first increase in three years, as inflation has stayed elevated. In commodity markets Tuesday, Brent crude rose 0.7% to $111.54 a barrel and U.S. benchmark crude gained 0.7% to $102.47.