TL;DR: Japan's Nikkei and Topix indices closed at record highs, driven by tech and GDP gains, while other Asia-Pacific markets showed mixed results. Chery Automobile debuted strongly in Hong Kong, Nvidia declined amid AI concerns, and investors monitored shifting global economic indicators.
Market Highlights – Asia-Pacific
- Japan's Nikkei 225 closed at a record 45,754.93, up for the sixth straight session. The Topix also hit a record at 3,185.35, supported by strong Q2 GDP growth (0.3%) and gains in tech and exporter stocks.
- Chery Automobile debuted on Hong Kong's Hang Seng Index, opening up 11% at HK$34.16 from its HK$30.75 IPO price. It closed at HK$31.92. The IPO raised $1.2 billion, with institutional orders 11.6x and retail oversubscribed 308x.
- Chery announced a strategic exit from Russia, its largest foreign market (30% of exports), citing sanctions. IPO proceeds will fund EV development and next-gen platforms.
- Nvidia shares fell nearly 1%, continuing Tuesday’s drop, as concerns rise over the “circular” nature of the AI industry and U.S. export controls to China impacting chip sales.
- Xiaomi rose 3.69% after launching new AI-integrated smartphones and smart devices aimed at competing with Samsung, contributing to mainland CSI 300’s 0.6% gain.
- South Korea’s Kospi ended flat at 3,471.11, while Kosdaq dropped 0.98%. Naver jumped 11.4% after investing $50M in GravityLabs, an AI health startup.
- Taiwan's Taiex fell 0.66%, with TSMC down 1.49% following a report that Intel is seeking Apple investment, though Apple is expected to stay with TSMC.
U.S. and Global Economic Context
- U.S. stock indices ended lower on Wednesday:
- S&P 500: -0.28% to 6,637.97
- Nasdaq: -0.34% to 22,497.86
- Dow Jones: -0.37% to 46,121.28
- Investors await U.S. jobless claims data to assess the labor market and guide Federal Reserve policy.
- U.S.-China tariff truce extended to December 2025, improving sentiment for regional exporters.
- Singapore raised its 2025 GDP forecast to 1.5–2.5%, up from 0–2%, citing trade resilience.