Asian Markets Rally as Wall Street Gains Offset Oracle's Tech Sector Anxiety

Asian stocks rose following Wall Street's gains, despite Oracle's share price drop causing tech sector concerns. The Federal Reserve's interest rate cut and AI bubble worries added stress. Meanwhile, Shanghai copper prices hit a record, supported by China's fiscal boost promise.

Asian stocks made gains on Friday following a positive performance on Wall Street, though Oracle's declining share price caused unease in the tech sector. Investors were responding to the Federal Reserve's decision to cut interest rates, which included a less aggressive outlook than expected, despite concerns over another AI bubble.

Shanghai copper prices set a new high, driven by China's commitment to a fiscal boost in the coming year. MSCI's Asia-Pacific index rose nearly 1%, aligning with gains in U.S. markets, while Japan's Topix and Nikkei 225 also posted gains. The tech sector felt pressure as Oracle's 13% share price drop led to investor doubts about the quick payoff of significant AI investments.

Despite Broadcom projecting higher revenue, its shares fell in after-hours trading due to slimmed profit margins. Meanwhile, the U.S. dollar index dipped amid newfound jobless claims data, and the Fed's anticipated stance on future rate adjustments. Commodities like Brent crude rose, following geopolitical developments regarding Venezuela.

(With inputs from agencies.)