Prior to Asia markets open, major headlines came out of Washington that a debt ceiling deal had been made - and Asia equity indices, particularly in Japan, had traded positively on the day. With the US and parts of European markets closed for holiday, Asia was the only barometer of market reaction.
But, just how much of the upside was due to the debt ceiling, if any? After all, China and Hong Kong had yet another down day, and the Nikkei 225 Index has been clocking in new three-decade-high levels throughout the month.
Weston Nakamura points to the real driver of equity markets today - continued bullish momentum on A.I. and semiconductor related themes, as markets largely shrug off the US debt ceiling, until forced to do so.
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