Asia report: Tech stocks jump on mixed day amid data tsunami

15th Jul 2026 09:50

(Sharecast News) - Asia-Pacific markets mostly rose on Wednesday as SK Hynix led a broad rally in regional technology shares, tracking a rebound in US semiconductor names after a sharp sell-off earlier in the week.

"Markets were braced for Hormuz to hijack sentiment and got handed a CPI lifeline," said Patrick Munnelly, market strategy partner at TickMill.

"A softer-than-expected US inflation print has taken some of the heat out of Fed hike pricing, revived the AI dip-buying machine and sent Asian tech ripping higher."

The South Korean memory chipmaker closed 8.83% higher in Seoul after its US shares rose over 27% overnight.

The stock had suffered its steepest one-day decline in South Korea on Monday, as investors locked in profits amid growing concerns over artificial intelligence spending.

Domestic rival Samsung Electronics rose 6.27%, while Seoul Semiconductor gained 6.19%.

The rally spread across Japan's chip sector, where Advantest climbed 5.83%, Lasertec surged 10.18%, and Tokyo Electron gained 4.37%, although SoftBank Group declined 3.26%.

It followed a rebound on Wall Street, where the VanEck Semiconductor ETF rose 2.5%, Micron Technology and Lam Research each climbed about 5%, and Applied Materials and Teradyne gained more than 3%.

Munnelly said the immediate equity reaction had been emphatic, with the MSCI Asia Pacific Index rising 2% for its best day in a month and South Korea's Kospi surging.

"The rebound was led by the part of the market that has become both the growth engine and the volatility amplifier: semiconductors," he said.

"SK Hynix jumped in Seoul, with its US-listed ADRs continuing to command extraordinary investor attention after their debut."

Munnelly said the ADRs were trading at a premium of more than 50% to the Seoul line, a striking signal of how aggressively global investors were trying to access AI-linked chip exposure.

"The premium is not just enthusiasm; it is scarcity pricing for the AI hardware trade," he said.

"Still, the rally needs context. Even after today's near 7% bounce, the Kospi remains more than 20% below its June peak. That makes this a powerful relief rally, not yet a full repair job."

Oil prices rose, with Brent crude futures last up 0.98% on ICE at $85.56 per barrel, and the NYMEX quote for West Texas Intermediate gaining 1.07% to $80.19.

Munnelly said the softer US inflation print had provided the friendlier backdrop that risk assets needed, but warned that oil remained the key risk.

"Brent is little changed from yesterday morning at just over $85 per barrel, despite Trump dropping Monday's proposed 20% levy on non-Iranian cargo moving through the Strait of Hormuz," he said.

"The blockade on Iranian ships has started, and US strikes on Iran continue. That leaves markets with a softer backward-looking CPI print sitting uncomfortably beside a forward-looking energy shock."

Tokyo, Shanghai shares move on flurry of data

In equities, Japan's Nikkei 225 rose 1.49% to 68,751.51, while the broader Topix gained 1.22% to 4,088.12.

Lasertec jumped 10.18%, Ibiden climbed 7.56%, and Fujikura added 7.19%.

Japan's core machinery orders, excluding ships and electric utilities, plunged 12.4% month on month to JPY 962.0bn in May, far worse than forecasts for a 4.2% decline and reversing an 8.7% increase in April.

It was the steepest monthly fall since December 2019, reflecting broad-based weakness in business investment.

Orders from manufacturers dropped 14.9%, while non-manufacturing orders fell 9.3%.

On an annual basis, machinery orders declined 1.5%, missing expectations for a 12.9% gain and marking the fastest drop in six months.

In China, the Shanghai Composite fell 0.29% to 3,955.58, while the Shenzhen Component declined 0.97% to 14,779.40.

Shanghai Zhangjiang Hi-Tech Park Development lost 10.07%, Shaanxi Aerospace Power Hi-Tech fell 10.02%, and Daheng New Epoch Technology declined 10.01%.

China's economy expanded 4.3% year on year in the second quarter, slowing from 5.0% growth in the first quarter and missing forecasts for 4.5%.

It was the softest annual expansion since the fourth quarter of 2022, as weak domestic demand, subdued private investment and the prolonged property downturn outweighed support from robust AI-related exports.

GDP grew 4.7% in the first half.

Industrial production rose 5.3% year on year in June, accelerating from 4.5% in May and beating expectations for 4.6%.

Manufacturing output increased 6.0%, while electricity, heat, gas and water supply rose 7.4%.

Mining output fell 2.2%, reversing a 2.3% increase in May.

For the first half, industrial output rose 5.4%, while monthly output increased 0.76%.

China's retail sales rose 1.0% year on year in June, rebounding from a 0.6% decline in May and defying expectations for a 0.1% fall.

Communication equipment sales jumped 16.5%, cosmetics rose 12.6%, tobacco and alcohol increased 12.1%, and food products gained 7.9%.

Big-ticket spending remained weak, with automobile sales down 16.1%, home appliances falling 8.7%, building materials declining 10.5%, furniture losing 6.6%, petroleum products down 5.1%, and gold and silver jewellery falling 3.4%.

Overall retail sales increased 1.3% in the first half.

New home prices across 70 Chinese cities meanwhile fell 3.3% year on year in June, easing from a 3.5% decline in May and marking the mildest contraction since February, although it was still the 36th consecutive month of annual declines.

Prices fell in Beijing, Guangzhou, Shenzhen, Chongqing and Tianjin, while Shanghai remained the standout performer with a 3.1% increase.

On a monthly basis, new home prices fell 0.1% after falling 0.2% in May.

Fixed-asset investment declined 5.7% year on year in the first half, worse than forecasts for a 4.9% drop and deeper than the 4.1% fall recorded in January to May.

Property investment remained the main drag, plunging 18%, while infrastructure investment fell 2.4% and manufacturing investment declined 1.2%.

Excluding property, fixed-asset investment was down 2.7% in January to June, compared with a 1.2% fall in the first five months.

Finally on data, Chinese banks extended CNY 1.61trn in new yuan loans in June, up from CNY 520bn in May but below CNY 2.238trn a year earlier and forecasts for CNY 2.0trn.

Total social financing rose by a net CNY 3.36trn, below expectations for CNY 3.77trn, while loan growth slowed to a record low of 5.2% from 5.5% in May.

M2 money supply growth slowed to 8.0% from 8.6%, below forecasts for 8.5%.

Munnelly said China had offered a mixed macro read, with stronger retail sales and industrial production offset by a weaker GDP print and falling investment.

"On the surface, that is constructive," he said.

"The GDP detail was less flattering. Q2 growth disappointed at 4.3% y/y, missing expectations by 0.2ppts and sitting below the official 4.5%-5.0% annual growth target range."

Munnelly said the weak spot was investment, where a steeper-than-expected contraction dragged on the headline.

"A shift away from excess capital formation toward consumption would be healthier in the long run, but the near-term optics are poor enough to keep stimulus expectations alive," he said.

Other markets rise, Sydney and Wellington mixed

Elsewhere, Hong Kong's Hang Seng Index rose 1.4% to 24,681.10.

Innovent Biologics gained 7.77%, Meituan 5.3%, and Henderson Land added 4.67%.

South Korea's Kospi 100 surged 6.72% to 9,121.82.

Hanmi Semiconductor jumped 29.88%, SK Square climbed 16.13%, and LIG Nex1 gained 13.83%, while SK Hynix rose 8.83%.

South Korea's seasonally adjusted unemployment rate fell to 2.7% in June from 2.8% in May, reaching its lowest level since March.

The economy added 63,000 jobs from a year earlier, marking the first rebound in two months, although manufacturing employment continued to lose ground.

The number of employed people rose to 29.15m from 29.09m a year earlier, while labour force participation increased to 65.2% from 64.9%.

Youth employment fell to 43.9%, down 1.7 percentage points from a year earlier, and the number of unemployed rose by 10,000 to 834,000.

Heading down under, Australia's S&P/ASX 200 gained 0.37% to 8,841.10.

Mesoblast rose 8.82%, Zip Co 8.47% and Nextdc added 5.66%.

Across the Tasman Sea, New Zealand's S&P/NZX 50 slipped 0.12% to 13,635.07.

A2 Milk Company fell 1.98%, Summerset Group lost 1.95%, and SKY Network Television declined 1.77%.

Dollar mixed against G10 peers

In currencies, the dollar was last up 0.09% on the yen to trade at JPY 162.39, as it fell 0.15% against the Aussie to AUD 1.4316, and slipped 0.07% on the Kiwi to change hands at NZD 1.7185.

Munnelly said the dollar had softened against most G10 currencies as Fed hike expectations were trimmed, while gold slipped as risk appetite improved and real-rate fears eased.

"This is not a classic haven tape today," he said.

"It is a relief rally built on lower inflation and renewed appetite for duration-sensitive growth."

Reporting by Josh White for Sharecast.com.