Asian shares benefit from US tech rally

Shanghai/New York — Asian shares rose on Friday after robust US housing data supported a late tech-driven rally on Wall Street, with investors picking up the pieces a day after a broad regional index posted its biggest daily loss in more than three months.

But even after Friday’s rise, the index remains on track to post its largest weekly drop since March, pulled lower by fears that the global recovery from the novel coronavirus pandemic could be running out of steam. Investors have also been uncertain about Washington’s ability to pass a stimulus package after Fed officials indicated they expected more fiscal support.

“And you’ve got to remember ... we’re coming off a true panic scenario in March. So the rally looks strong from that level, but only because that was such severe panic. In our view it was the sell-off that was irrational, not the rally.” On Wall Street overnight, the Dow Jones Industrial Average rose 0.2%, the S&P 500 gained 0.30% and the Nasdaq Composite added 0.37%.

The dollar remained buoyant on Friday after easing back from two-month highs on Thursday, rising 0.09% against the yen to 105.49. The euro was 0.05% lower at $1.1666.

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