Asian stocks surge on tech rally

Asian stocks surged on Wednesday, led by a rally in technology shares, as investors shifted their focus to upcoming earnings reports from major US tech companies, Reuters reported.

The sentiment was boosted by a surge in Tesla’s share price after-hours following its promise of new models, despite missing first-quarter earnings expectations.

Technology stocks across Asia rallied, with Taiwan, South Korea, and Japan’s Nikkei leading the charge.

The broader MSCI index of Asia-Pacific shares outside Japan jumped 1.6 per cent, extending gains from a one per cent rise on Tuesday. China’s markets were mixed, with the blue-chip index flat, while Hong Kong’s Hang Seng added two per cent.

Tesla led the earnings season for US tech giants, with its shares rising 12.5 per cent in extended trading following the announcement of new electric vehicle models.

Despite missing first-quarter results, the company’s stock saw gains. Positive sentiment in US markets was also boosted by strong earnings reports from companies like General Motors.

This week is filled with earnings reports from major tech companies like Meta Platforms, Alphabet, and Microsoft, which will likely influence the market in the coming days.

Analysts expect these upcoming reports to maintain a positive atmosphere in the tech sector.