Most Asian stocks advance as attention turns to Warsh speech

Asian equity markets were broadly higher in early trade, with tech firms struggling to extend Thursday’s rally that came on the back of Nvidia’s profit blowout and bumper forecast, which soothed worries over the AI boom.

Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Jakarta and Taipei all rose, though Seoul retreated along with Wellington and Manila.

Wall Street had provided a positive lead, with all three main indexes rising, though the gains were based entirely on the tech sector, which was the only one of 11 to advance.

Oil prices edged down but remain in danger of spiking further as investors await a breakthrough in efforts to reopen the Strait of Hormuz to tanker and cargo traffic.

US officials have vowed further economic pressure to make Iran open the waterway – through which about a fifth of world oil passes – after six months of war, but attempts at a diplomatic solution remain elusive.