MANILA, Philippines — Asian shares mostly retreated Friday after a rally of technology stocks led by Nvidia and Intel pushed Wall Street to more records.
Japan’s Nikkei 225 switched from gains to losses and was down nearly 1.4% to 44,667.88 as of early afternoon, after the Bank of Japan decided to keep its benchmark short-term interest rate unchanged at 0.5%. Data released Friday also showed the country’s annual inflation in August slowed to a 10-month low at 2.7%, from 3.1% the previous month.
In Chinese markets, Hong Kong’s Hang Seng index added 0.1% to 26,576.59 while the Shanghai Composite index was down less than 0.1% to 3,830.65. Investors are awaiting a phone call later Friday between President Donald Trump and China’s President Xi Jinping on tariffs and finalizing a deal to allow TikTok to keep operating in the United States.
Australia’s S&P/ASX 200 climbed 0.6% to 8,799.80 after losses a day earlier, when data indicated the jobs market was showing signs of softness.
South Korea’ Kospi fell 0.7% to 3,436.48. India’s BSE Sensex edged down 0.4%, trimming earlier gains. Taiwan’s Taiex dipped 0.4%.
Wall Street rolled to more records Thursday as Nvidia and Intel led a rally for technology stocks on the announcement of their deal that includes a $5 billion investment.
The S&P 500 rose 0.5% and is on track for a third straight winning week. The Dow Jones Industrial Average added 124 points, or 0.3%, and the Nasdaq composite climbed 0.9%. All three set all-time highs.
Intel soared 22.8% for its best day since 1987 after Nvidia said it would buy $5 billion of the chipmaker’s stock. It’s part of a collaboration where the pair will develop products for data centers and personal computers. Nvidia climbed 3.5% and was by far the strongest force lifting the S&P 500 because it’s Wall Street’s most valuable company.
Encouraging reports on the economy sent Treasury yields climbing in the bond market, meanwhile, including one th