Asian Stocks Rise on Alibaba Earnings, Yen Weakens
Market Highlights:
* Alibaba's strong revenue growth boosts Asian tech stocks.
* Hong Kong equities and Asian stock index advance.
* Japanese stocks remain flat.
* Yen weakens past 150 per dollar.
* S&P 500 slips on Walmart results.
* Gold holds near record levels, extending weekly gains.
Asian Stocks
Chinese technology shares led the surge in Asian stocks following Alibaba's earnings report, which showed the fastest revenue growth in over a year. Alibaba's gains, which reached 11%, boosted Hong Kong equities and an index tracking Asian stocks. Japanese stocks, however, remained relatively unchanged.
Yen Weakness
The Japanese yen depreciated past 150 per dollar on Friday, reversing Thursday's gains. Traders speculate that the Bank of Japan may raise interest rates sooner than expected, with an 84% chance of a 25 basis point hike in July. Japanese inflation data also accelerated more than anticipated.
US Markets
The S&P 500 fell 0.4% on Thursday as Walmart's disappointing earnings and a pullback in consumer spending weighed on sentiment. Banks also underperformed, including JPMorgan Chase and Goldman Sachs.
Treasuries and Commodities
Treasury yields in Asia remained mostly stable. Oil prices are poised for their biggest weekly gain since January due to supply uncertainties. Gold continues its ascent, targeting an eighth consecutive weekly advance amid geopolitical tensions and haven demand.
Key Events
* Eurozone HCOB manufacturing & services PMI, Friday
* US S&P Global manufacturing & services PMI, existing home sales, consumer sentiment, Friday