Asian stocks rise; dollar set for 8th consecutive weekly gain

Asian stocks rose on Friday, with semiconductor companies leading the gains as investors moved past initial concerns over Nvidia Corp.’s revenue outlook.

The dollar is on track for its eighth straight weekly gain, News.Az reports, citing foreign media.

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, as concern over the nation’s economic outlook persists amid growing threat of stricter tariffs on US exports under President-elect Donald Trump. An index of US-listed Chinese stocks dropped 1% Thursday.

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.

Bitcoin set a fresh high above $99,000 on bets President-elect Donald Trump’s support for crypto and a looser regulatory environment will help the industry.

Treasury yields slipped 2 basis points on Friday, after climbing in the previous two sessions. US stock futures slipped, while their European counterparts rose.

The greenback extended its gains to the third day, pressuring most Asian currencies. The dollar index has climbed over 2% this month, adding to the nearly 3% jump last month, amid escalating geopolitical concerns in Europe. It’s on track for an eighth straight weekly gain, which would be the longest streak in about 14 months.

The yen edged lower, erasing gains earlier in the session following inflation data that held above the central bank’s target as expected.

News.Az