Asia rides tech highs, trade truce buzz
Asian stocks mostly climbed on Friday morning, lifted by strong earnings from US tech giants Apple and Amazon, as well as a temporary easing of US-China trade tensions. Japanese shares led gains, rising more than one percent, while markets in Seoul, Sydney, and Taipei also advanced.
The rally followed upbeat results from Apple, whose revenue exceeded forecasts due to strong iPhone and services sales, and Amazon, which saw cloud computing demand drive profits above expectations. Investor optimism had been building all week on the momentum of artificial intelligence, pushing Nvidia to a record valuation. A meeting on Thursday between US President Donald Trump and Chinese leader Xi Jinping added to the positive mood, with both sides agreeing to roll back some tariffs and export curbs.
However, Wall Street pulled back Thursday after Federal Reserve Chair Jerome Powell cast doubt on a December rate cut, sending the Nasdaq down 1.6 percent. In Asia, Nissan shares tumbled nearly eight percent on a projected operating loss, while BYD dropped over five percent after reporting a 33 percent decline in profit. Hong Kong and Shanghai benchmarks edged lower. Official data also showed China’s factory activity shrank for a seventh straight month in October. Analysts described the US-China deal as a one-year truce, rather than a final resolution.
