Asian markets mixed as strong US tech earnings offset poor data [Video]

Markets were mixed on Friday after forecast-topping earnings from Microsoft and Alphabet helped soothe worries that a tech-fuelled rally may have been overdone, while the yen hit a fresh 34-year low after the Bank of Japan stood pat on interest rates.

However, the mood was clouded by fresh worries about the economic outlook after worse-than-expected US data combined with a forecast-topping print on core inflation that fanned speculation the country could top into stagflation.

Investors were awaiting the release later in the day of the Federal Reserve’s preferred gauge of inflation, personal consumption expenditures (PCE) index, hoping for an idea about its plans for interest rates ahead of next week’s policy meeting.

Asian investors have enjoyed a largely upbeat week as a healthy earnings season has been …