FX.co ★ Asian Shares Gain As Apple Beats Earnings Expectations

Asian stocks experienced a significant rise on Friday, driven largely by a boom in tech shares following Apple's compelling quarterly earnings report and extensive stock buyback scheme. However, regional trading revealed low activity due to market holidays in mainland China and Japan.

The US dollar index remained in proximity to a three-week low in anticipation of critical U.S. employment statistics due for release later in the day. These data could indicate a slower yet powerful rate of job growth in April.

In other market news, gold prices fell slightly below $2,300 per ounce, marking the first consecutive weekly loss in over two months. This trend is spurred mainly by fears of prolonged high U.S. interest rates.

Oil prices also experienced an increase; however, they geared towards another weekly loss due to calming tensions in the Middle East and signs of dwindling U.S. demand.

Hong Kong's Hang Seng index, which is tech-heavy, soared 1.48 percent to 18,475.92, continuing a trend of gains over the past nine sessions. This surge is in response to China intensifying efforts to stimulate an economic recovery. Property developers also thrived on the expectations of additional stimulus measures.

Seoul's stock market experienced a slight downturn, with the Kospi average dipping 0.26 percent to 2,676.63. Naver, a popular portal operator, enjoyed a 3 percent boost after revealing first-quarter earnings that exceeded predictions.

Australian stocks enjoyed a rise for the second consecutive session, largely driven by banks and real estate stocks sensitive to rate adjustments ahead of the Reserve Bank of Australia's monetary policy decision due on May 7.

In New Zealand, the benchmark S&P/NZX 50 index experienced a 0.54 percent rise to 11,938.08, marking the second consecutive week of gains.

Notably, U.S. stocks surged overnight as concerns about rate hikes subsided, and traders anticipated the Federal Reserve's first substantial interest-rate cut by November.

In other economic news, recent reports revealed that weekly jobless claims remained relatively low last week and orders for U.S.-manufactured goods showed a solid increase in March. However, employees' productivity fell more sharply than expected at the beginning of 2024, driving labor costs significantly higher.