Japan's economy expanded at a faster-than-expected pace in the second quarter, driven by sustained consumer spending and a boost from pre-tariff increases in shipments to the U.S.
Earnings optimism supported benchmark indexes in China and Hong Kong near multi-year highs. Tencent Holdings, Power Assets Holdings, and CK Infrastructure Holdings advanced after the release of financial results.
Japan's benchmark indexes extended weekly gains to nearly 5%, and the broader Topix crossed 3,000 for the first time. SoftBank Group swung to a profit in the latest quarter as the company's investments in artificial intelligence increased in valuations.
Japan's benchmark indexes extended a 3-day rally as investors focused on corporate results. Toyota Motor estimated nearly $10 billion in expenses linked to the U.S. tariffs. Sony Group reported higher profit, driven by gaming and entertainment divisions.
China's exports accelerated in July as shipments rose to ASEAN, the European Union, Africa, and Latin America. Exports to the U.S. fell at a faster pace following a sharp increase in import taxes.