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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.

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.