Stocks in Asia were buoyed Friday by better-than-expected earnings at Chinese technology companies. The dollar dropped. An MSCI Inc. gauge of Asia-Pacific shares gained for the first day in four and was on track for its second weekly advance.
Alibaba Group Holding Ltd. and Baidu Inc. beat sales forecasts, underpinning a rally in Hong Kong, while Japan also climbed. US and European futures wavered. Shares climbed on Wall Street Thursday on signs consumers remain resilient despite inflationary pressures.
The dollar extended a slide, with a gauge of the currency versus major peers down almost 3% from a May 12 peak. Treasury yields were steady. Oil was holding near $114 a barrel after being bolstered by the broad-based market rally and on signs of declines in US stockpiles.
Copper and aluminum stabilized after leading a slide in metals on concerns China’s slowdown will sap demand. China’s stocks rose as investors look for concrete measures to revive the battered economy. Policymakers are grappling with how to balance controlling a virus outbreak with boosting flagging economic growth.
