Asian stocks recovered some of their steep losses from the previous session on Friday after US markets limited further declines from hawkish US Fed comments, supported by a firm economy and strong earnings at Apple Inc .
US stock futures rose in Asia with Nasdaq 100 e-minis up 1.2 per cent and S&P 500 e-minis up 0.8 per cent after Apple on Thursday reported record sales in the holiday quarter, beating estimates. Apple shares rose over 5 per cent in after-hours trading.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent after sliding 2.26 per cent on Thursday. The index is still down 5.1 per cent so far this month.
Australian shares were up 1.16 per cent, while Japan's Nikkei stock index rose 1.49 per cent.
Elsewhere in Asia, China equities rose on Friday with China's blue-chip CSI300 index 0.24 per cent higher. Hong Kong's Hang Seng index was down 0.41 per cent.
On Wall Street, US stocks retreated after a solid opening, as investors juggled positive economic news with mixed corporate earnings, geopolitical unrest and the prospect of a more hawkish Federal Reserve.
The Dow Jones Industrial Average fell 0.02 per cent, the S&P 500 lost 0.54 per cent and the Nasdaq Composite dropped 1.4 per cent.
US markets had opened higher after the Commerce Department's advance take on fourth-quarter GDP showed the US economy in 2021 grew 6.9 per cent at its fastest pace in nearly four decades.
But gains were pared as investors processed how strong economic growth might inform the Fed's thinking.
In its latest policy update on Wednesday, the Fed indicated it was likely to raise rates in March, as widely expected, and reaffirmed plans to end its pandemic-era bond purchases that month before launching a significant reduction in its asset holdings.
The prospect of faster or larger US interest rate hikes, however, helped push the dollar to its best week in seven months. The dollar rose 0.1 per cent against the yen to 115.45, closing in on its high this year of 116.34 on Jan. 4.
"USD pushed through resistance overnight as it built on its FOMC gains. Generally better than expected US economic data helped the USD," CBA analysts said in a note.
The yield on benchmark 10-year Treasury notes rose to 1.8155 per cent compared with its US close of 1.808 per cent on Thursday. The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 1.1981 per cent compared with a US close of 1.192 per cent.
US crude ticked up 0.67 per cent to $87.19 a barrel. Brent crude reached $89.34 per barrel.
Persistent tension between Russia and Ukraine had pushed oil prices to seven-year highs earlier in the week.
Gold dipped slightly. Spot gold was traded at $1796.06 per ounce.
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