Asian markets pulled back on Thursday following a strong tech-led rally earlier in the week, with investors shifting focus to key earnings from Chinese internet giant Alibaba and upcoming remarks from U.S. Federal Reserve Chair Jerome Powell. Sentiment was also weighed by tempered optimism over a U.S.-China trade deal, as tariffs between the two nations remain high and progress toward further de-escalation remains uncertain.
In Asian trading, S&P 500 futures dipped 0.1%, reflecting the tepid cues from a mixed Wall Street session where momentum outside tech waned. Tech-heavy Asian indexes, which previously surged on AI-driven optimism and improving trade relations, saw a modest correction. South Korea’s KOSPI slipped 0.1%, while Hong Kong’s Hang Seng traded flat.
Alibaba shares (HK:9988) edged up 0.5% ahead of its March-quarter earnings, with expectations boosted by rising Chinese consumer spending and growth in its cloud business. Peer Tencent (HK:0700) also gained 0.5% after posting a 13% revenue increase, driven by robust demand in its gaming and advertising segments, aided by AI integration.
However, sentiment on AI stocks cooled slightly after Nvidia-backed Coreweave warned of margin pressures due to rising AI-related costs, sending its shares down 15% in after-hours trading.
Mainland China’s CSI 300 and Shanghai Composite indices fell 0.2% to 0.5%, though they remain up nearly 2% for the week. Japan’s Nikkei 225 dropped 1.1% as investors turned cautious ahead of GDP data expected to show a Q1 contraction, despite strong capital expenditure and wage growth trends.
Australia’s ASX 200 rose 0.1% after a strong jobs report, while Singapore’s Straits Times Index climbed 0.4%. India’s Gift Nifty 50 Futures fell 0.2%, pointing to a subdued open despite earlier gains fueled by easing geopolitical tensions.


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