Highlights
- Japan’s Nikkei gains more than 1% as chip stocks rebound
- Taiwan surges around 3%
- South Korea gives up an early rally
- ASX 200 falls around 0.7% as miners and growth stocks weaken
- Hong Kong slips as Chinese technology shares remain under pressure
Asian Markets mixed
Asian sharemarkets were mixed on Friday as a rebound in Japanese and Taiwanese technology stocks was countered by weakness in Australia, Hong Kong and, later in the session, South Korea.
Investors continued to digest the upheaval surrounding Nvidia while rising US Treasury yields and growing expectations of another Federal Reserve rate increase kept pressure on risk appetite.
Australia falls as global yields weigh
The S&P/ASX 200 was around 0.7% lower near 9,080 during afternoon trade, extending Thursday’s subdued performance.
Australian shares came under pressure as higher global bond yields weighed on rate-sensitive and growth stocks, while softer metals prices provided another headwind for resources.
The Australian dollar was trading around US68 cents, with the currency also facing pressure from a firmer US dollar.
Japan and Taiwan lead technology rebound
Japan’s Nikkei 225 rose around 1.3% to 1.8%, supported by semiconductor-related stocks including Advantest and Tokyo Electron.
The rally put the Nikkei on course for a strong weekly gain, although the advance moderated as Japanese government bond yields climbed and the yen remained near 160 to the US dollar.
Taiwan was one of the region’s strongest markets, with the Taiex gaining around 2.5% to 3% as semiconductor stocks rebounded.
South Korea’s KOSPI initially jumped more than 2% but surrendered those gains as the session progressed, reflecting continued nervousness around the outlook for the artificial intelligence and semiconductor sectors.
Hong Kong slips, mainland China steadier
Hong Kong remained under pressure, with the Hang Seng down around 0.7% to 1% after Thursday’s sharp decline in technology shares.
Concerns over potential US restrictions on Chinese access to advanced semiconductors remained a drag on the technology sector.
Mainland China was steadier, with the Shanghai Composite around 0.2% higher, while the Shenzhen market was little changed.
Wall Street finishes lower
US equities ended Thursday modestly weaker after a volatile session dominated by Nvidia and rising oil prices.
The S&P 500 fell 0.35% to 7,592.40, the Nasdaq Composite lost 0.39% to 25,366.09 and the Dow Jones Industrial Average dropped 0.36% to 52,297.09.
Despite Thursday’s losses, the major US indices remain on track for strong weekly gains, with investors now awaiting US producer price inflation data for the next signal on interest rates.
Oil firm, gold rebounds
Brent crude was trading around US$95.50 a barrel after rising sharply on renewed uncertainty surrounding US-Iran relations.
Gold was firmer near US$3,920 an ounce as investors sought defensive assets, while copper remained under pressure.
The US dollar stayed strong as Treasury yields climbed, with the 10-year yield around 5.1%, while the yen hovered near levels that have prompted renewed warnings from Japanese officials about excessive currency moves.
