Asian equities opened higher on Wednesday October 28, as AI optimism lifted markets. South Korea’s Kospi surged 3.99% after SK Hynix posted strong profits. The chipmaker also plans total shareholder returns of 100 trillion won for 2026. Meanwhile, investors now wait for big tech earnings and the US Federal Reserve decision.
Asian equities opened higher on Wednesday October 28, following Wall Street’s rally as fresh enthusiasm for artificial intelligence stocks lifted sentiment before big tech earnings and the US Federal Reserve’s rate decision.
The MSCI Asia Pacific Index gained 0.6%, with benchmarks in Australia, Japan and South Korea all advancing. South Korea’s Kospi led the region, surging 3.99% as SK Hynix climbed after the chipmaker posted strong operating profits. The company also plans total shareholder returns of 100 trillion won ($75.4 billion) for 2026.
In Tokyo, the Nikkei 225 rose 1.31% and the Topix added 0.50%. Hang Seng futures pointed to a 0.3% rise for Hong Kong.
In India, the GIFT Nifty which indicates how the country's stock market would open for the day's trade implied towards a start in the red.
Elsewhere in markets, US Treasuries barely moved in New York trading and the dollar edged higher. The Japanese yen was little changed at 157.94 per dollar, and the offshore yuan held at 6.6651.
The regional gains followed a strong session in the US on Tuesday, when a closely watched gauge of American chipmakers jumped 3.6% and pushed Wall Street’s main benchmarks higher.
Investors also welcomed Meta Platforms' $25 billion share sale, which drew demand five times the amount on offer, while Oracle widened its partnership with OpenAI.
A run of large deals and fundraisings has revived confidence in the AI trade. Meta’s $98 billion capital raise, SpaceX’s $40 billion equipment finance lease and Anthropic’s S-1 filing have eased the worries that triggered a sell-off in chip stocks earlier this month.
Attention now seemed to turn towards earnings as Alphabet and Microsoft report on Wednesday, and Amazon.com follows on Thursday.
The US Federal Reserve’s decision is the other major event as policymakers are expected to hold rates steady on Wednesday, which would buy them time before a possible fresh increase. Fed Chairman Kevin Warsh has given little guidance on the outlook, leaving market expectations for a hike untouched.
The European Central Bank and the Bank of Japan will announce their own rate decisions later this week.
In commodities, Brent crude, the global benchmark, largely held its losses from the previous session trading around $114.36 per barrel as of early Asian trade, as traders assessed efforts to ease tensions in the Arabian Gulf. The US West Texas Intermediate (WTI) edged up 0.3% to $100.24 a barrel.
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