Overnight, the majority of Asian markets surged as optimism about China's stimulus plans persisted. Technology companies, in particular chipmakers, surged as a result of Micron, a U.S. counterpart, reporting solid profits.

Regional markets ignored Wall Street's lacklustre overnight session when U.S. stock indexes dropped from all-time highs in expectation of further signals from the Federal Reserve this week.

However, Wall Street futures increased in Asian trade, supported by increases in chipmakers and technology. Following the memory chip manufacturer's impressive profits due to artificial intelligence demand, Micron led these increases.

This week's focus is now on the Fed's favoured inflation indicator, the PCE price index data, and an impending speech by Fed Chair Jerome Powell.

Asia's top-performing indices were those that were heavy on technology; South Korea's KOSPI increased by 2.1%, while Japan's Nikkei 225 and TOPIX indexes had increases of 2.4% and 1.8%, respectively.

Micron's excellent profits and forecast added credence to the idea that the AI trade was still in effect and that chipmakers would probably continue to reap the rewards of robust AI-driven demand.

This idea spurred broad purchases in technology, and industries other than chipmakers also saw growth.

Following Beijing's announcement of several significant stimulus measures, such as a reduction in bank reserve requirements and a drop in mortgage rates, Chinese markets are soaring this week.

Heavy discount shopping helped local markets rebound after they had been severely underperforming their international counterparts for at least two years due to ongoing worries about a deteriorating Chinese economy.

However, economists said Beijing still needed to do more to support development, particularly in the fiscal area, even with the enhanced stimulus.

(Sources: investing.com, reuters.com)