Major Asian Equities Rise as Alibaba, Yen Moves Impact Markets

Key Highlights:

* Asian stock markets rallied, led by Alibaba's strong earnings report.
* The Japanese yen weakened below 150 per dollar amid Bank of Japan's dovish stance.
* U.S. futures and global equities were mixed.
* Oil prices surged towards their largest weekly gain in months.
* Gold remained near record highs, driven by safe-haven demand.

Alibaba's Earnings Boost

Alibaba's record revenue growth boosted optimism in the technology sector. The company's shares surged, contributing to a broader rally in Hong Kong and other Asian markets.

BOJ Governor's Comments

Bank of Japan Governor Kazuo Ueda expressed readiness to curb bond yield rises. This dovish stance led to a decline in the yen. However, traders still expect a rate hike in July.

Japanese Inflation Accelerates

Inflation in Japan accelerated more than anticipated, increasing bets for further rate hikes by the BOJ. However, Ueda's comments temporarily paused the market's momentum.

U.S. Economic Indicators

U.S. Treasury Secretary Scott Bessent indicated that increasing the share of longer-term Treasuries is challenging due to inflation and the Federal Reserve's quantitative tightening program.

Australian Central Bank's Outlook

Australia's central bank is monitoring the labor market, signaling a potential move towards higher interest rates in the future.

Commodities and Cryptocurrencies

Oil prices surged on supply concerns, setting the stage for their largest weekly gain since January. Gold continued its upward trend, nearing its record high. Bitcoin and Ether remained relatively stable.

Future Events

* Eurozone: Manufacturing and Services PMI data on Friday
* US: S&P Global Manufacturing and Services PMI, existing home sales, consumer sentiment data on Friday

Market Movements:

* S&P 500 futures: Little change
* Japan's Topix: -0.2%
* Australia's S&P/ASX 200: -0.3%
* Hong Kong's Hang Seng: +2.9%
* Shanghai Composite: +0.8%
* Euro Stoxx 50 futures: -0.1%

Currencies:

* Bloomberg Dollar Spot Index: Little change
* Euro: $1.0504
* Japanese yen: 150.24 per dollar
* Offshore yuan: 7.2394 per dollar

Bonds:

* 10-year Treasury yield: 4.48%
* Australia's 10-year yield: 4.51%

Commodities:

* West Texas Intermediate crude: Little change
* Spot gold: $2,930.74 per ounce