Asian Markets Gain Amid Tech Sector Jitters

Asian markets surged on Friday, mirroring Wall Street gains amidst Oracle's decline causing tensions in the tech sector. Investors adapted quickly to a Federal Reserve rate cut and a less aggressive outlook. Mixed tech earnings added uncertainty, while the U.S. dollar fell amid jobless claims data.

Asian stocks climbed in early trade on Friday, inspired by overnight gains on Wall Street, although a drop in Oracle's shares unnerved the technology sector. This volatility occurred amid rapid adjustments to a Federal Reserve interest rate cut and a less hawkish stance than anticipated.

The MSCI index of Asia-Pacific shares, excluding Japan, increased by 0.7%, following mostly positive U.S. markets. In Tokyo, the Nikkei 225 outperformed, boosted by a 6% rise in Softbank Group shares after discussions surfaced about acquiring U.S. data center firm Switch Inc.

Oracle's 13% share plunge prompted tech anxiety, questioning AI investment returns. Broader tech support emerged after Broadcom's favorable revenue projection tempered by profit margin concerns, led to a 5% share dip in extended trading. The U.S. dollar hit a two-month low after unemployment claims rose while U.S. sanctions on Venezuela and renewed peace negotiations with Russia and Ukraine influenced other markets.

(With inputs from agencies.)