Tech Earnings Fuel US, Europe Rally as Markets Digest Trade News – Asia Market Wrap

Stocks looked set to rise in the US and Europe as upbeat earnings from megacap technology companies bolstered optimism over resilient corporate profits. The dollar gave up some gains made after the Federal Reserve held benchmark interest rates.

Futures for the S&P 500 rose 1% and those for the Nasdaq 100 gained 1.4% as Microsoft and Meta surged in after-hours trading. Contracts for Europe advanced while Asian shares retreated 0.2% with losses in South Korea and India. Japanese equities rose 1% and the yen held gains against the dollar as the Bank of Japan left rates unchanged.

Copper prices were little changed on the London Metal Exchange Thursday – following a collapse in New York – after US President Donald Trump shocked the metals world by exempting the most widely traded forms of copper from his hotly anticipated import tariffs.

Investors are navigating a barrage of headlines, from trade tensions and central bank decisions to a wave of corporate earnings. Treasuries declined and the dollar gained Wednesday as markets dialed back bets on a September rate cut. Significant trade developments in India,

South Korea and Canada also drew attention ahead of the Aug. 1 tariff deadline. Adding to the mix, megacap tech firms delivered stellar earnings.

In Japan, the yen held its gain after the BOJ kept its benchmark rate unchanged while boosting its inflation outlook. The BOJ kept the overnight call rate at 0.5% at the end of a two-day policy meeting in a unanimous vote, according to a statement Thursday. All 56 surveyed economists forecast the decision.