Asian stocks looked set for a mixed start Friday as Chinese technology shares struggle, contrasting with a rally in their U.S. counterparts that propelled Wall Street equities to a record high.
Australian shares and futures for Japan were steady, while Hong Kong contracts slid. A tumble in the likes of e-commerce firm Alibaba Group Holding Ltd. and video-streaming platform operator Bilibili Inc. hurt an index of U.S.-listed Chinese stocks. Alibaba slashed its outlook for fiscal 2022 revenue amid intensifying competition, dwindling consumer spending and regulatory curbs.
In the U.S., a clutch of megacap tech companies rose, helping to take the Nasdaq 100 and S&P 500 to new peaks in a choppy session ahead of Friday’s options expiration. U.S. futures climbed in early Asian trading.
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