Asian stock markets rise, with tech shares leading gains

Nikkei rose more than 1%, KOSPI jumped 1.4%, Hang Seng climbed 2.2%, the Shanghai Composite and the Shanghai Shenzhen CSI 300 rose 0.5% each, while Straits Times Index added 1.1%

Asian stock markets climbed on Friday, with technology shares leading gains.

Nikkei rose more than 1%, with tech investor SoftBank Group soaring over 10%.

Gains in Japanese shares were limited by a sharply stronger yen. The yen has gained around 2.6% this week as markets increasingly price in the possibility of a Bank of Japan rate hike at its September meeting.

KOSPI jumped 1.4%, with Samsung Electronics and SK Hynix adding 1.6% and 2.4%, respectively.

Hang Seng climbed 2.2%, with tech giants Alibaba and Baidu jumping over 4% each.

Technology stocks benefited from the softer interest-rate outlook.

The Shanghai Composite and the Shanghai Shenzhen CSI 300 rose 0.5% each.

Straits Times Index added 1.1%. S&P/ASX 200 edged 0.1% lower – bucking the trend.

Futures tied to India’s Nifty 50 ticked down 0.2%.

Oil prices remained higher, with Brent crude near $96 a barrel and up around 7% this week as geopolitical tensions and uncertainty over energy flows through the Strait of Hormuz kept inflation risks in focus.

All three major Wall Street benchmarks climbed more than 1% overnight. U.S. stock index futures were little changed in Asian trading Friday.

The tech-heavy NASDAQ Composite closed 1.4% higher as AI-related megacap stocks rose.

The gains came as markets reduced expectations for a Fed rate hike this month after Waller’s comments, with the probability falling to around 50% from 63% earlier, according to CME FedWatch.

Waller said recent data showed signs of disinflation and that he would favour keeping rates unchanged at this month’s policy meeting if upcoming reports reinforced evidence that price pressures were easing.

The shift in expectations also eased pressure in bond markets. The U.S. 10-year Treasury yield last stood at 4.768% after easing overnight.