Asian Shares Mixed Amid Trade Tensions and Big Tech Earnings

Asian shares were mixed on Friday, following a mixed performance on Wall Street, as investors digested the outcomes of a highly anticipated meeting between US President Donald Trump and Chinese leader Xi Jinping, as well as earnings reports from Big Tech giants. The US futures market edged higher, while oil prices declined.

President Trump hailed his meeting with Xi as a "12" on a scale of zero to 10, saying he would cut tariffs, but major tensions remain between the world's two largest economies. Japan's Nikkei 225 index jumped 1.7% to 52,201.05, touching fresh records after data showed industrial production rose 2.2% month-on-month in September, beating market expectations.

Key Takeaways:

The Nikkei 225 index rose 1.7% to 52,201.05, touching fresh records.
Japan's industrial production rose 2.2% month-on-month in September, beating market expectations.
The Shanghai Composite index slipped 0.6% to 3,963.01, despite factory activity in China contracting for a seventh straight month.
US President Donald Trump hailed his meeting with Xi Jinping as a "12" but major tensions remain between the two largest economies.
Big Tech companies, such as Meta Platforms, felt the pressure of high hopes, with Meta Platforms dropping 11.3% after announcing plans to spend $234 billion in 2026.
Companies across the industry have been on an investment spree to build out their artificial-intelligence capabilities, and concerns are whether it will all pay off.
Stephen Innes of SPI Asset Management said, "There are moments in market history when capital stops behaving like money and starts acting like obsession -- when spending becomes the strategy, not the consequence."
The trio of Alphabet, Meta, and Microsoft alone account for 14.5% of the total value of all companies in the S&P 500 index.
US crude oil shed 42 cents to $60.15 per barrel, and Brent crude lost 42 cents to $63.95.

Statistics:

US futures market rose 0.2%.
Nikkei 225 index rose 1.7% to 52,201.05.
Shanghai Composite index slipped 0.6% to 3,963.01.
US oil price declined 42 cents to $60.15 per barrel.
Brent crude declined 42 cents to $63.95.
Meta Platforms dropped 11.3%.
Alphabet shares rose 2.5%.

Sources:

[AP Business Writers Stan Choe and Matt Ott contributed]
[Read More at the AP Business Section]