Japan’s Topix index climbed, though it’s still on track for a slide of almost 5% this week. South Korean shares slipped and in Australia, stocks were flat.
A decline in US futures showed any optimism for technology firms from Thursday’s session was quickly dented after Amazon and Alphabet reported disappointing results.
The S&P 500 Index had risen for the first time in seven days on earnings from Twitter, Microsoft and Tesla.
“You’re going to see a lot more volatility,” Con Michalakis, chief investment officer at Statewide Super, told Bloomberg TV in Sydney. “It’s going to be a feature of this environment.”
Sentiment remains fragile after more than US$6.7 trillion (RM28 trillion) was lost from the value of global equities since late September as lofty expectations for earnings were tested amid heightened trade tensions and tightening financial conditions.
Investors remain apprehensive as a flood of earnings, while mostly stellar, have come with warnings about the future impact of tariffs and rising costs.
Amid discussion of whether the Federal Reserve would slowdown its tightening path, vice chair Richard Clarida backed further gradual rate hikes while delivering an upbeat assessment of the economy in his maiden speech.
The central bank is “as near as it has been in a decade” to meeting its twin goals of full employment and price stability, he said.
In Europe, the euro retained declines in the wake of European Central Bank President Mario Draghi downplaying the recent slowdown in economic momentum and Italian fiscal risks, reiterating that growth is returning to potential. The ECB kept its target rate unchanged at zero.
Elsewhere, West Texas oil dipped back below US$67 a barrel. Copper extended this week’s retreat.