Portugal Colonial - Asian markets rally on US data after Dow hits record on Wall St

With the much-hyped earnings report from bellwether chip titan Nvidia now in the rearview mirror, traders are once again able to concentrate on economic matters and the Federal Reserve's plans for interest rate cuts.

Thursday did not disappoint, with figures showing gross domestic product expanded more than initially thought in the second quarter, while jobless claims dipped.

The news indicated the central bank was achieving its goal of guiding the economy to a soft landing at the same time as it brings prices under control.

Next up is the Fed's preferred gauge of inflation later Friday, followed by the closely watched non-farm payrolls report a week later, which will play a major role in whether the Fed cuts borrowing costs next month and, if so, by how much.

While bank chief Jerome Powell said last week that it was time to begin lowering rates, some decision-makers remain cautious.

Luca Santos at ACY Securities pointed out that after Powell's speech, Atlanta Fed boss Raphael Bostic "hinted at a cautious stance regarding a rate cut in September, stressing the need for more data to avoid making a move that could lead to more rate hikes down the line".

"His comments underscore how pivotal the upcoming jobs report will be in determining the Fed's next steps," he added.

US markets ended on a mixed note, with the Nasdaq and S&P 500 weighed by a 6.4 percent drop in Nvidia after it released what was considered a disappointing earnings report.

However, the Dow bucked the trend and ended a fresh record high.

Asia was on course to end the week on a bright note, with tech firms that took a hit Thursday as part of an Nvidia-fuelled retreat clawing back some of their losses.

Hong Kong climbed more than one percent, while there were also healthy gains in Tokyo, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington and Manila.

The yen edged up against the dollar after data showed inflation in Tokyo, a leading indicator for the rest of the country, rose more than expected in August, boosting the case for the Bank of Japan to hike interest rates again.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: UP 0.6 percent at 38,585.43 (break)

Hong Kong - Hang Seng Index: UP 1.1 percent at 17,985.30

Shanghai - Composite: UP 0.4 percent at 2,833.14

Dollar/yen: DOWN at 144.80 yen from 144.93 yen on Thursday

Euro/dollar: DOWN at $1.1074 from $1.1077

Pound/dollar: DOWN at $1.3168 from $1.3170

Euro/pound: UP at 84.12 pence from 84.11 pence

West Texas Intermediate: UP 0.2 percent at $76.03 per barrel

Brent North Sea Crude: UP 0.1 percent at $79.99 per barrel

New York - Dow: UP 0.6 percent at 41,335.05 (close)

London - FTSE 100: UP 0.4 percent at 8,379.64 (close)

Nogueira--PC