Most Asian stocks rise as calm returns after CoreWeave shock; Indonesia faces market downgrade

Asian equities recovered on Friday after the previous session's heavy sell-off in technology stocks, according to Business Recorder. The retreat had been triggered by doubts over the debt load of cloud firm CoreWeave, which raised concerns about how the AI boom is being financed. Japan's Nikkei gained 1.8 per cent and South Korea's KOSPI rose 2.8 per cent, though both only partly reversed Thursday's steep losses.

Indonesia was the sharpest decliner, with its equity benchmark sliding 11 per cent after MSCI said the market no longer merits emerging market status and is moving to drop it from a set of products followed by global investors. The rupiah also weakened about 0.8 per cent to 95.0550 per dollar. Elsewhere, bond yields steadied, the dollar was on course for a weekly loss, its first in five weeks, and gold also eased back.

Brent crude eased 0.4 per cent to $105.51 a barrel, while West Texas Intermediate slipped 0.6 per cent to $97.43. Traders are also watching Federal Reserve Chair Kevin Warsh, who is due to speak at IMF-World Bank meetings in Bangkok later in the day. The report quoted an analyst who said turbulence could last for some time as tech companies release earnings in the coming weeks.