HONG KONG (AP) - Asian shares displayed mixed results on Friday, with notable gains in Chinese technology stocks despite declines in the majority of other Asian equities. The benchmark Nikkei 225 index in Japan experienced a dip of nearly 0.44%, settling at 38,893.65. Meanwhile, Australia's S&P/ASX 200 slid by 0.04% to 8,517.20, and South Korea's Kospi fell 0.23% to 2,530.79. In contrast, Hong Kong's Hang Seng surged by 1.35% to 31,173.35, while the Shanghai Composite climbed by 1.33%, reaching 3,314.29.
The recent uptick in Chinese technology stocks trading in Hong Kong is attributed to heightened interest fueled by AI models released by DeepSeek, signaling a potential bull market for China's tech firms. Xiaomi's stock saw a significant increase of 5.67%, trading at 42.85 Hong Kong dollars. Alibaba's shares experienced a rise of 1.47%, reaching 100 Hong Kong dollars, while Tencent, the largest video game company in China, gained 1.90%, trading at 428.40 Hong Kong dollars.
The Japanese Nikkei index may face increasing pressure due to the strengthening yen. Recent data indicating a sharp increase in household spending for January has intensified expectations for further rate hikes from the Bank of Japan. Yeap Jun Rong, a market strategist at IG, stated, "Along with both headline and core inflation accelerating over the past two months, the case for further policy responses to curb pricing pressures remains strong."
Across the Pacific, on Wall Street, the S&P 500 experienced a modest rise of 0.36%, while the Dow Jones Industrial Average saw a decrease of 0.28%. The Nasdaq composite, however, gained 0.51% on Thursday. Investors are currently navigating through uncertainty regarding U.S. President Donald Trump's tariffs. Although fears of a global trade war have eased slightly following the announcement of 30-day reprieves on tariffs for Mexico and Canada, concerns persist as Trump maintains 10% tariffs on Chinese goods. In retaliation, China has imposed tariffs on various U.S. products including coal, liquefied natural gas, crude oil, agricultural machinery, and large-engine cars.
Additionally, China has initiated an antitrust investigation into Google and placed two other firms on its unreliable entity list. In the energy sector, benchmark U.S. crude saw an increase of 30 cents, reaching $70.91 a barrel, while Brent crude, which serves as the international standard, rose by 34 cents to $74.63 a barrel.
In the currency markets, the U.S. dollar edged up slightly, trading at 151.55 Japanese yen, rising from 151.35 yen. Conversely, the euro decreased to $1.0379, down from $1.0383.
