Asian Stocks Rally on Nvidia Results and Samsung Deal
Asian markets surged on Thursday as Nvidia reported strong revenue forecasts and Samsung Electronics reached a tentative pay deal to avert a major strike. Regional indices saw significant gains while oil prices stabilized following reports of resumed passage through the Strait of Hormuz.
NVIDIA CORP earnings and a strike suspension at SAMSUNG ELECTRONICS CO LTD drove South Korea shares up 7% on May 21. The rally snapped a four-day losing streak for the broader Asia-Pacific index, which climbed 2.6%. On Wall Street the prior day, the S&P 500 rose 1.1% and the Nasdaq rallied 1.5%, setting momentum for the Asian advance as investors weighed semiconductor demand against intensifying inflation concerns signaled by the United States Federal Reserve.
