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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.

Google-parent Alphabet soared with Microsoft in after-hours trade following forecast-beating earnings. Photo: Drew Angerer / GETTY IMAGES NORTH AMERICA/Getty Images via AFP

Investors were awaiting the release later in the day of the Federal Reserve's preferred gauge of inflation, personal consumption expenditures index, hoping for an idea about its plans for interest rates ahead of next week's policy meeting. Wall Street's three main indexes had earlier ended deep in the red -- though off initial lows -- following news that the USAt the same time, an index of core prices came in much hotter than forecast -- sparking fears the United States could be heading for a period of stagnant growth and spiking inflation.

"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."

 

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