Asian Shares Gain As Apple Beats Earnings Expectations

(RTTNews) - Asian stocks rose broadly on Friday, with tech shares leading the charge following Apple's quarterly earnings beat and massive buyback program.

Regional trading volumes were thin due to market holidays in mainland China and Japan.

The dollar index lingered near a three-week low ahead of key U.S. jobs data report later in the day that might point to a slower but still strong pace of hiring in April.

Gold drifted below $2,300 per ounce and headed for its first back-to-back weekly loss in more than two months amid fears of high-for-longer U.S. interest rates.

Oil prices rose but were set for another weekly loss amid easing Middle East tensions and signs of weak U.S. demand.

Hong Kong's tech-heavy Hang Seng index rallied 1.48 percent to 18,475.92, extending gains for the ninth consecutive session as China stepped up efforts to spur an economic rebound. Property developers surged on expectations of more stimulus measures.

Seoul stocks edged lower, with the Kospi average falling 0.26 percent to 2,676.63. Top portal operator Naver jumped more than 3 percent after reporting better-than-expected first-quarter earnings.

Australian stocks closed higher for a second straight session, with rate-sensitive banks and real estate stocks pacing the gainers ahead the Reserve Bank of Australia's monetary policy decision on May 7.

The benchmark S&P ASX 200 rose 0.55 percent to 7,629 while the broader All Ordinaries index settled 0.61 percent higher at 7,897.50.

Gold miners suffered heavy losses, with Evolution Mining and St Barbara plunging 5.6 percent and 7.7 percent, respectively.

Macquarie Group shares fell 2.2 percent after the investment bank reported annual earnings that missed estimates.

Across the Tasman, New Zealand's benchmark S&P/NZX 50 index ended up 0.54 percent at 11,938.08, notching its second consecutive week of gains.

U.S. stocks rose sharply overnight as rate hike fears faded and traders pulled forward expectations for the Federal Reserve's first full interest-rate cut by a month to November.

In economic news, weekly jobless claims remained historically low last week and new orders for U.S.-manufactured goods increased solidly in March, while workers' productivity slowed more sharply than anticipated at the start of 2024, pushing labor costs much higher, separate reports showed.

The Dow and the S&P 500 both rose around 0.9 percent, while the-tech-heavy Nasdaq Composite surged 1.5 percent.