Asian Shares Surge Amidst Global Tech Revival, Fed's Easing Hints

Asian shares experienced a significant rally, driven by a resurgence in global tech stocks led by Meta and Nvidia. The Federal Reserve's decision to hold interest rates but hint at a cut in September also boosted global bonds and commodities. Market reactions varied, with Japan's Nikkei dropping due to yen strength.

Asian shares surged on Thursday, driven by a revival in global tech stocks, including Meta and Nvidia. The Federal Reserve's decision to maintain interest rates but hint at a September cut further boosted sentiment in global bonds and commodities.

The Bank of Japan raised interest rates for the second time in 17 years, contributing to a notable yen rally. However, Japan's Nikkei index tumbled 3% as a stronger yen cast a shadow on Japanese exports. Meanwhile, Chinese blue chips dipped after a private survey indicated a shrinking manufacturing sector in July.

On Wall Street, tech stocks saw a strong comeback with Nvidia adding $330 billion in market value and Meta Platforms surging 7% post earnings. Brent crude futures rose following geopolitical tensions in the Middle East, while gold gained 0.4%, trading at $2,456.59 per ounce.

(With inputs from agencies.)