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Asian equities advanced overnight as investors returned to semiconductor stocks following the recent sector sell-off. South Korea's Kospi surged 4.11%, with Samsung Electronics and Taiwan Semiconductor Manufacturing Co. leading gains.

U.S. Producer Price Index (PPI) data surprised to the downside, falling 0.3% in June and bringing annual PPI to 5.5%. Following the softer CPI reading earlier this week, the weaker producer inflation data further reinforced expectations that the Federal Reserve may not hike rates in the near future.

U.S. Producer Price Index (PPI) data surprised to the downside, falling 0.3% in June and bringing annual PPI to 5.5%. Following the softer CPI reading earlier this week, the weaker producer inflation data further reinforced expectations that the Federal Reserve may not hike rates in the near future.