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Asian equities advanced as investors rotated back into tech after a week dominated by U.S.–China trade tensions. The MSCI Asia Index rose 1.1%, with South Korea, Japan, and Australia leading gains. SK Hynix jumped nearly 7%, and ZTE rallied 10%, helped by strong ASML earnings that reinforced optimism in the AI-driven chip cycle.

Stocks rallied while the dollar weakened as optimism over a potential Fed rate cut lifted sentiment and offset renewed U.S.-China tensions. Asian shares jumped 1.9% — their biggest gain in over two months — after Powell highlighted labour market weakness, reinforcing expectations for October easing.

U.S. equity futures and European indexes dropped as China launched retaliatory trade measures, reviving tensions with Washington. S&P 500 futures fell 0.7% and Nasdaq 100 dropped 1%, while Treasuries rallied and 10-year yields hovered near 4.03%.