Asian equities rose Friday, with semiconductor companies rallying as investors shook off initial concerns over Nvidia Corp.’s revenue outlook. Gold jumped.
Shares in Australia, Japan and South Korea rose. The MSCI Asia Pacific index climbed as much as 0.7%, as technology stocks in the region rebounded from Thursday’s selloff, encouraged by Nvidia’s gain in the US.
Shares in Hong Kong and China fell, extending losses into midday, after an index of US-listed Chinese stocks dropped 1% Thursday.
“US exceptionalism remains a fairly strong backdrop in these market conditions,” Taosha Wang, portfolio manager for Fidelity International, said on Bloomberg Television.
Artificial intelligence and the potential for pro-growth policies under a Trump administration will support US equities,” she said, while in China following government stimulus, Fidelity is “waiting to see the policy initiatives translate to earnings.”
Asian equities are on pace for their first back-to-back monthly losses this year amid strength in the dollar and lingering concerns over the Chinese economy.
Still, the region’s more favorable valuations versus the US market are aiding recovery in some assets as US bond yields surge.
