Precise Investors Editorial Team
Equity index futures for Japan, Australia and Hong Kong jumped
Asian stocks were set to rise Friday after stock markets elsewhere hit new records, buoyed by a rally in artificial intelligence shares, strong corporate earnings and further signs of resilience in the US consumer.
Equity index futures for Japan, Australia and Hong Kong edged up, after another record-setting day for the S&P 500, which gained 0.8 per cent to close above 7,500 points for the first time.
The action was driven by AI-linked companies including Nvidia Corp, which rose for a seventh session to rise 4.4 per cent and brought its market value closer to $6 trillion. Cisco Systems Inc. climbed 13 per cent on a strong outlook and AI infrastructure company Cerebras Systems Inc surged 68 per cent in its debut, while Applied Materials Inc shares rose in after-hours trade on encouraging forecasts.
AI optimism, robust corporate profits and a still-robust economy have sent stocks from one record to the next. Meanwhile, a report showed US retail sales increased for a third month, offering an upbeat data point for the health of consumers contending with inflation.
When it comes to stocks though, tech is in the driver’s seat right now, not the consumer, said Bret Kenwell at eToro.
Data on the docket for release Friday includes producer prices for Japan, gross-domestic product for Malaysia and Hong Kong, and unemployment for India. Markets are closed in Indonesia.
Bets that corporate earnings will keep powering ahead have offset worries that higher energy costs could fuel inflation and weigh on consumer confidence.
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