Asian Stocks Rise Amid Tech Optimism and Gold Gains



Singapore, March 2023 - Asian shares advanced on Friday, reversing the previous day's Wall Street losses.

Tech Stocks Surge

Hong Kong's Hang Seng Index surged 1.8% with tech shares leading the rally. DeepSeek's AI breakthrough has ignited investor interest in China's technology capabilities. The CSI300 index rose 0.2%, with the big data index gaining 2%.

Gold Nears Record High

Gold hovered near its record high, supported by safe-haven flows amid concerns over Donald Trump's tariff threats and ongoing Russia-Ukraine peace talks.

MSCI Asia-Pacific Index Up

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.8%, boosted by Hong Kong stock gains.

U.S. Footsteps

U.S. stock futures struggled to recover from Thursday's losses, with Nasdaq futures rising 0.02% and S&P 500 futures falling 0.03%. Walmart's downbeat forecast dampened investor sentiment.

Dollar Weakens

Despite Trump's tariff threats, the dollar declined for a third consecutive week as traders realized the bluster surrounding his second term.

Sterling and Euro Steady

Sterling traded at a two-month high against the dollar, while the euro held steady ahead of Germany's weekend election.

Yen Falls

The yen fell over 0.4% against the dollar after rising on expectations of Bank of Japan rate hikes. Japan's core consumer inflation reached 3.2% in January, its highest in 19 months.

U.S. Treasury Yields Steady

U.S. Treasury yields steadied after Treasury Secretary Bessent ruled out a near-term increase in long-term Treasuries.

Oil Prices Dip

Oil prices dipped slightly but remained on track for a weekly gain. Brent crude was down 0.1% to $76.40 a barrel, while WTI crude eased 0.07% to $72.43.