Tech Stocks Rise as China and the US Fear Ease – Asia Market Wrap

Technology stocks led a broad rally in Asian stock markets on Friday, as a meeting between Donald Trump and Xi Jinping calmed concerns about a trade war.

An MSCI index of Asian markets was up roughly 0.5%, resuming this year’s scorching surge that has taken the index to all-time highs. Tech stocks were among the top performers, with South Korean chipmaker SK Hynix. rising as much as 6.9%.

US and European equity futures also gained, aided by the positive attitude. Intel shares rose in post-market trade Thursday in New York following an encouraging revenue outlook.

Semiconductor stocks also led the increases in China, reflecting the country’s increasing emphasis on technological self-reliance. The tech-heavy STAR 50 Index increased by more than 3%. Oil prices dipped ahead of the US inflation figures. The Dollar index rose slightly, while gold sank.

The Canadian Dollar plummeted when Trump stated that the US would cease all trade talks with its northern neighbour, citing an anti-tariff advertisement funded by the Ontario government.