(Bloomberg) -- Shares in Asia rallied Friday after robust technology earnings bolstered Wall Street and offset quicker-than-expected US inflation data.
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Equities in Japan and Australia opened higher and Hong Kong futures advanced. That followed the best day for the S&P 500 since the first week of the year and a 2.8% jump for the tech-heavy Nasdaq 100.
Still, those gains began to erode in early Asian trading. US futures edged lower after Amazon.com Inc. warned of a slowdown in revenue growth for its cloud computing business.
The news took the edge off a run of positive corporate reports from mega-cap tech companies this week that has included a surge in advertising revenue for Meta Platforms Inc. and better-than-expected results from Alphabet Inc. and Microsoft Corp. Intel Corp. shares advanced in post-market trading after releasing results late Thursday.
“We certainly see big tech do well in earnings but we’re also seeing quite a lot of other companies that are slowing down,” Laila Pence, president of Pence Wealth Management, said on Bloomberg Television.
Australian and New Zealand bonds fell, following a selloff in Treasuries Thursday as investors digested a quickening in the Federal Reserve’s preferred core gauge of prices. The central bank is expected to raise rates by a quarter percentage point at its meeting next week. Separate data showed US economic growth slowing.
“The GDP numbers today give comfort to the Fed to do a quarter-point increase next Wednesday and then pause,” Pence said.
Read More: US in ‘Worst of Both Worlds’ With High Inflation, GDP Slowdown
Meanwhile, the Bank of Japan is forecast to leave overall monetary stimulus unchanged in its first policy decision under new governor Kazuo Ueda, with investors focused on what might be his opening changes after the BOJ’s first leadership transition in a decade.
The latest batch of economic data — including a slowdown in US jobless claims — showed the kind of cognitive dissonance investors have been grappling with, said Dana Peterson, chief economist at The Conference Board.
“Typically when you have recessions, the labor market collapses with GDP, and we’re not seeing that,” Peterson said. “We’re probably going to dip into a recession, maybe starting right now in the second quarter, but we really need to see data.”
Elsewhere, oil was little changed after wiping out all the gains from OPEC+’s surprise production cut at the beginning of the month. The dollar and gold were little changed while Bitcoin slipped after edging back toward the $30,000 level.
Here are some of the main moves in markets:
Stocks
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S&P 500 futures were little changed as of 9:33 a.m. Tokyo time. The S&P 500 rose 2%
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Nasdaq 100 futures fell 0.2%. The Nasdaq 100 rose 2.8%
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Hang Seng futures rose 1%
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Japan’s Topix rose 0.6%
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Australia’s S&P/ASX 200 rose 0.4%
Currencies
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The Bloomberg Dollar Spot Index was little changed
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The euro was little changed at $1.1034
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The Japanese yen was little changed at 133.89 per dollar
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The offshore yuan was little changed at 6.9285 per dollar
Cryptocurrencies
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Bitcoin fell 0.7% to $29,422.64
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Ether fell 0.7% to $1,906.26
Bonds
Commodities
This story was produced with the assistance of Bloomberg Automation.
--With assistance from Vildana Hajric and Carly Wanna.
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