Asian Shares Rise As Amazon Reports Strong Results

(RTTNews) - Asian stocks ended broadly higher on Friday, as strong earnings from the likes of Amazon, Snap Inc. and Pinterest helped investors shrug off a tech-led selloff on Wall Street overnight following disappointing earnings from Facebook parent Meta in the wake of privacy changes by Apple and increased competition from TikTok.

Investors also awaited the latest U.S. jobs report for January due out later in the day for clues on the rate outlook.

The U.S. central bank is expected to deliver its first interest rate hike in March, aiming to tamp down inflation that has surged to 40-year highs.

Shanghai remained closed for Lunar New Year break while Hong Kong's Hang Seng index jumped as much as 771.03 points, or 3.24 percent, 24,573.29.

Japanese shares ended higher to notch their first weekly gain in five. The Nikkei average gained 198.68 points, or 0.73 percent, to finish at 27,439.99, marking a weekly gains of 2.7 percent - its best performance since mid-October.

The broader Topix index closed 0.55 percent higher at 1,930.56. Financials rose as higher yields booster their outlook for revenue.

Games maker Konami Holdings jumped 11.7 percent on posting encouraging earnings. Nintendo and heavyweight Uniqlo store operator Fast Retailing both surged around 3.6 percent.

Australian markets advanced, driven by a rebound in technology stocks. Energy stocks also posted broad-based gains after oil prices climbed due to persistent supply concerns.

The benchmark S&P/ASX 200 settled up 42.20 points, or 0.60 percent, at 7,120.20, gaining 1.9 percent for the week. The broader All Ordinaries index rose 44.30 points, or 0.60 percent, to 7,418.90.

Seoul stocks rose sharply to extend gains for a third straight session as Amazon's surprise earnings created positive sentiment among tech companies.

Investors shrugged off data showing that consumer prices in the country stayed well above the Bank of Korea's target in January. The benchmark Kospi rallied 42.44 points, or 1.57 percent, to 2,750.26.

New Zealand's benchmark NZX-50 index dropped 55.76 points, or 0.45 percent, to 12,279.56. Briscoe Group bucked the weak trend to climb as much as 5.4 percent to $6.10 after announcing it expected to post a record full-year profit.

U.S. stocks tumbled overnight to snap a four-day winning streak, as a historic plunge in the stock price of Facebook's parent company triggered the worst sell-off in technology shares since 2020.

Investors also digested weak service sector and factory activity data as well as a report showing a decline in jobless claims for a second straight week.

The tech-heavy Nasdaq Composite slumped as much as 3.7 percent, while the Dow lost 1.5 percent and the S&P 500 gave up 2.4 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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