Asia-Pacific markets opened mixed on Thursday. Japan's Nikkei 225 rose 0.86%, while the Topix declined 0.44%. South Korea's benchmark Kospi was down 0.8%, while the small-cap Kosdaq Index started the trading day flat. Chinese markets were closed for the holiday. South Korea's exports jumped 83.5% in September from a year earlier to post a record monthly high, customs data showed on Thursday. Semiconductor shipments, fuelled by global spending on artificial intelligence, also set a record.
Official data showed outbound shipments outstripped market expectations of a 62.0% increase, marking the country's 16th consecutive month of export growth.Average exports per working day jumped by 104.9% compared to the previous year. The surging growth was anchored by a historic peak in semiconductor shipments, which continue to serve as the backbone of the global AI infrastructure build-out. Imports climbed 26.0% year-on-year, outpacing the 21.5% forecast. This resulted in a provisional trade surplus of $49.85 billion, up from $34.79 billion in August.
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Separately, the final reading of second-quarter GDP data was revised higher to a 2.2% annualized rate, thanks to solid consumer spending and investments helping to fuel the buildout of AI infrastructure. Crude oil prices held on to their recent gains on Oct. 1, as traders assessed whether crude flows from the Middle East can sustain a recovery towards pre-war levels, even as fuel markets remain tight. Brent due for a December delivery traded near $98 a barrel, after rising 1.9% in the previous session. West Texas Intermediate hovered near $90. This comes as crude flows from the Middle East are nearing pre-war levels, but the recovery in fuel supplies has been weaker.
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