BEIJING (dpa-AFX) - Asian stocks advanced on Friday as tech shares bounced back following Federal Reserve Chair Kevin Warsh's comments at the IMF-World Bank meetings in Bangkok that artificial intelligence is a major force in the global economy.
He emphasized the long-term significance of AI while avoiding predictions on upcoming Federal Reserve rate decisions.
Warsh called AI 'the most profound economic transformation of a lifetime', helping boost investors' appetite for riskier assets.
Brent crude prices fell nearly 1 percent below $105 a barrel in Asian trade but headed for a weekly gain amid mounting supply concerns in the Middle East.
The U.S. Central Command dismissed 'Iranian claims' to control the Strait of Hormuz, asserting that commercial traffic continues despite IRGC attacks.
In a statement on X, the U.S. military command disputed Tehran's assertions regarding control of the strategic waterway, the sinking of a Singapore-flagged container ship, and alleged American military casualties in Jordan.
Gold edged up 0.3 percent to $4,184 an ounce after rising over 1 percent in the previous session. The dollar headed for its first weekly fall in five weeks amid wobbles in AI investment and falling U.S. Treasury yields.
China's Shanghai Composite index edged up 0.24 percent to 3,716.28 after the release of stronger September lending data and moves by financial regulators to stabilize the stock market. Hong Kong's Hang Seng index added 0.52 percent to close at 24,186.83.
Japanese markets closed higher amid bargain hunting following the previous session's sharp selloff. The Nikkei average rose 1.39 percent to 65,324.29, snapping a six-session losing streak. The broader Topix index settled 1.67 percent higher at 4,066.
Tech stocks saw a sharp recovery, with SoftBank Group, Tokyo Electron and Kioxia Holdings rising 2-4 percent. Banks Mitsubishi UFJ Financial and Sumitomo Mitsui Financial ended up around 2 percent each.
Seoul stocks rebounded after a seven-day losing streak as a selloff in chip stocks eased and data showed South Korea's export prices surged 40.9 percent year-over-year in September 2026, down slightly from a 42.4 percent in August.
The Kospi index surged 2.05 percent to 5,668.05. Among the top gainers, defense giant Hanwha Aerospace soared 7.8 percent, bio firm Celltrion climbed 6.5 percent, carmaker Hyundai Motor advanced 5.6 percent and semiconductor giant Samsung Electronics rose 2.6 percent.
Australian markets rose sharply to hit a five-week high, with beaten-down tech and mining stocks leading the surge on dip-buying. The benchmark S&P/ASX 200 jumped 1 percent to 8,806.70 while the broader All Ordinaries index climbed 1.13 percent to 8,940.40.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dropped 0.57 percent to 13,753.73, halting gains from the previous two sessions. Sky City Entertainment shares rallied 3 percent after the casino operator announced it has struck a $221 million deal to sell its Grand Hotel in central Auckland.
Indonesia's Jakarta Composite index plummeted over 11 percent after global index provider MSCI announced a consultation on reclassifying the country's equity market from 'Emerging Market' to 'Standalone Market' status, threatening to trigger foreign capital outflows.
U.S. stocks rose overnight as investors concerned about AI companies' exposure to higher borrowing costs shifted into healthcare stocks.
The yield on 10-year Treasuries retreated but held near multiyear highs as data showed producer prices rose by the most in 4-1/2 years in September due to rising goods and services costs.
Wholesale inflation surged 6.3 percent in September from a year ago, coming in well above expectations as petrol prices rocketed due to the war with Iran.
Investors also reacted to TSMC's record earnings and comments from Nvidia CEO Jensen Huang expressing optimism about CoreWeave's prospects.
While the Dow jumped 1.1 percent to its best closing level in a month, the S&P 500 gained 0.3 percent and the tech-heavy Nasdaq Composite edged up 0.1 percent.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
