Sawt Falasteen - Markets rally as China tech share surge lifts sentiment

But sentiment remains fragile as traders operate under the shadows of war, soaring inflation, US interest rate hikes and China's lockdowns.

Wall Street finished solidly higher Thursday to recoup losses suffered earlier in the week, as investors brushed off data showing a sharper-than-expected first-quarter economic contraction and took heart on strong spending figures.

A healthy showing by Facebook parent Meta also provided a lift to Wall Street, though tech titans Apple and Amazon brought things back down to Earth with their post-close reports.

Apple saw a bump in profits but warned China's Covid-19 lockdowns and long-running supply chain woes could deal a $4-$8 billion blow in the next three months.

Amazon revealed its first quarterly loss since 2015, owing to its investment in electric truck maker Rivian -- and then warned of continuing challenges in the months ahead.

There was some much-needed good news for China's embattled tech sector after the official Xinhua news agency reported that a meeting of the government's decision-making body ended with officials saying it was "necessary to promote the healthy development of the platform economy" and "complete its rectification".

The report suggests an easing of the sweeping clampdown on the country's biggest firms.

In the Politburo meeting, chaired by Xi Jinping, officials also said there was a need to "respond to market concerns in a timely manner".

Hong Kong climbed four percent -- with titans Alibaba, Meituan and JD.com up more than 15 percent each, while Tencent put on around 11 percent.

Shanghai put on more than two percent, while there were also healthy gains across the rest of the region.

Sydney, Seoul, Singapore and Taipei all piled on more than one percent, with Mumbai, Wellington and Jakarta also up. Tokyo was closed for a holiday.

London, Paris and Frankfurt all rose in early trade -- even as data showed the eurozone economy was showing signs of slowing.

But traders are increasingly concerned the recovery in the US economy could be thrown off course, warning officials will struggle to achieve a soft landing by controlling prices while still nurturing growth.

"The Fed's record on soft landings is not that strong," Carol Schleif, at BMO Family Office, told Bloomberg Television.

"Markets are watching very, very carefully to see if we can thread that needle."

Inflation data due later in the day will be closely watched for a better handle on the outlook.

Still, most markets in Asia rose heading into the weekend, with hopes China will continue its recent run of pledges of support.

Oil was slightly higher as the commodity continues to win support from the Ukraine war, though investors remain wary about the impact on demand from China caused by Covid-19 lockdowns.

The advances follow a rally on Thursday as Europe discussed a gradual ban on Russian imports, with Germany -- which relies heavily on energy from the country -- edging towards support for a move.

- Key figures at around 0810 GMT -

Hong Kong - Hang Seng Index: UP 4.0 percent at 21,089.39 (close)

Shanghai - Composite: UP 2.4 percent at 3,047.06 (close)

Tokyo - Nikkei 225: Closed for a holiday

London - FTSE 100: UP 0.5 percent at 7,548.88

Euro/dollar: UP at $1.0566 from $1.0509 late Thursday

Pound/dollar: DOWN at $1.2559 from $1.2468

Euro/pound: DOWN at 84.14 pence from 84.25 pence

Dollar/yen: DOWN at 129.89 yen from 130.79 yen

Brent North Sea crude: UP 1.1 percent at $108.75per barrel

West Texas Intermediate: UP 0.7 percent at $106.09 per barrel

New York - Dow: UP 1.9 percent at 33,916.39 (close)

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