Asian markets, riding high on tech stocks, march towards fourth straight week of gains

A regional measure of technology shares is rising to a record as investors increase their bets on artificial intelligence, setting up Asian stocks for their longest weekly winning streak since May.

For the fourth week in a row, the MSCI Asia Pacific Index has increased by more than 7%. Regional stocks saw mixed results on Friday, with advances in South Korea, the poster child for artificial intelligence, and losses in Japan. That occurred when US stocks bounced back from their first consecutive losses of the year, boosting confidence in the technology industry.

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Following Taiwan Semiconductor Manufacturing Co.'s improved earnings, a barometer of chipmakers rose to a record on Thursday, boosting US and European shares.

After declining in US trading as unemployment claims unexpectedly fell to the lowest level since November, Treasury bonds saw no movement in Asia. After Donald Trump's remarks that he would postpone invading Iran caused a selloff, oil prices stabilised. Early on Friday, gold and silver saw a slight decline.

While small caps rose on indications of economic improvement, US equities recovered as the blowout estimate from TSMC restored faith in the longevity of a major bull-market driver. Concerns about the sustainability of data-centre spending in the face of a rotation away from expensive technology equities were also allayed by the profits.