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Asian markets mixed as strong US tech earnings offset poor data

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Markets were mixed on Friday after forecast-topping earnings from Microsoft and Alphabet helped soothe worries that a tech-fuelled rally may have been overdone, while the yen hit a fresh 34-year low after the Bank of Japan stood pat on interest rates.

Pedestrians walk past an electronic quotation board displaying share prices of the Nikkei 225 Index and other Asian markets in Tokyo on March 5, 2020.HONG KONG, China —

Asian investors have enjoyed a largely upbeat week as a healthy earnings season has been seen to justify some of the big gains across equities in recent months, which have offset fading hopes for Fed rate cuts. Wall Street's three main indexes had earlier ended deep in the red -- though off initial lows -- following news that the US economy grew far less than expected in the first quarter while consumer spending was short of estimates.

"The Fed wants to see inflation start coming down in a persistent manner, but the market wants to see economic growth and corporate profits increasing." The unit hit 156.82 to the dollar Friday afternoon, fuelling fresh speculation of an intervention after several officials lined up in recent weeks to warn they were ready to step in to support the unit.Hong Kong - Hang Seng Index: UP 2.1 percent at 17,651.15 London - FTSE 100: UP 0.6 percent at 8,125.66West Texas Intermediate: UP 0.6 percent at $84.

 

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