Asia tech eases after huge January rally, S&amp;P futures dipMicrosoft slides and Meta surges, Apple earnings are nextDollar vulnerable despite verbal support from US, EUGold, silver reach fresh peaks, oil prices firmBy Wayne ColeSYDNEY, Jan 29 (Reuters) - Asia’s runaway stock markets took a breather on Thursday as mixed earnings out of the tech sector stirred caution ahead of Apple’s results, while the dollar looked shaky despite verbal support from both U.S. and European officials.Gold and silver climbed to all-time highs as investors continued their rush into physical assets, and oil prices hit a four-month top as U.S. President Donald Trump warned Iran of possible attacks if it did not make a deal on nuclear weapons.The U.S. Federal Reserve kept interest rates on hold as widely expected, while Chair Jerome Powell talked of a “clearly improving” economic outlook and broad support on the committee for a pause.Powell would not be drawn on whether he would remain as a governor after he steps down as Chair in May, given Trump’s efforts to pressure the Fed into more aggressive cuts.Investors reacted by further paring the chance of another policy easing by April to 26%, with June seen as the next likely window at 61%. (0#USDIRPR)In the meantime, investors have been counting on earnings to keep equities in demand and Samsung Electronics (005930.KS) seemed to oblige by tripling its operating profit as the race to build AI capability sent chip prices surging.Yet with so much already priced in, South Korea stocks (.KS11) slipped 1.2%, having already gained 21% so far this month. The tech-heavy Taiwan market (.TWII) is up almost 14% in the same time period.Japan’s Nikkei (.N225) edged down 0.1%, having been held back by wild swings in the yen and a steep rise in bond yields at home. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) dropped 0.6%.In Europe, EUROSTOXX 50 futures (STXEc1) and FTSE futures (FFIc1) fell 0.2%, while DAX futures (FDXc1) eased 0.1%.<h3>AI CAPEX VS EARNINGS</h3>On Wall Street, S&amp;P 500 futures (ESc1) fell 0.2% and Nasdaq futures (NQc1) lost 0.1% as disappointment over Microsoft (MSFT.O) warred with strong guidance from Meta (META.O) .Microsoft’s shares slid 6.5% in extended trading amid concerns its massive capex spending would not make enough of a return to justify its sky-high valuation.Yet, Meta lifted its outlook for revenues and capex for 2026, sending its shares up 8% after hours and adding around $140 billion to its market value.“A common theme so far from META and MSFT is the larger-than-expected capex spending, indicating the upward momentum for AI spending,” noted analysts at JPMorgan.The difference, they added, was Meta also sharply raised its 2026 revenue outlook to well above market expectations.All eyes were now on Apple (AAPL.O) results, where JPMorgan expected earnings to beat consensus driven by stronger iPhone 17 demand and slower growth in expenses. The bank raised its end 2026 price target to $315, from $305.Over in currency markets, the dollar was on the defensive as investors hedged against U.S. policy uncertainty and the country’s ever-growing mountain of debt.Official comments offered only limited support. U.S. Treasury Secretary Scott Bessent insisted the administration still favoured a “strong dollar” policy after Trump seemed to condone a weaker currency.European leaders voiced concerns at the dollar’s slide, while officials at the European Central Bank suggested a further steep rise in the euro could warrant cuts in interest rates.The euro added another 0.2% to $1.1973 (EUR=EBS) , while the dollar lost 0.4% on the Swiss franc to 0.7657 (CHF=) . It also dipped 0.3% on the Japanese yen to 152.97 (JPY=EBS) .“Further dollar weakness would increase the likelihood of the ECB and other central banks cutting interest rates, as well as emerging markets repeating last year’s outperformance,” said Jack Allen-Reynolds, an economist at Capital Economics.The decline in the dollar has further encouraged demand for hard assets, with gold, silver and copper all zooming higher.Gold added 1.8% to $5,485 an ounce (XAU=) , bringing its gains for this month alone to 27%. (GOL/)Oil prices extended their recent rally on worries any U.S. military action against Iran could hamper global supplies. (O/R)Brent (LCOc1) added 0.6% to $68.80 a barrel, while U.S. crude (CLc1) rose 0.7% to $63.65 per barrel.

Meta Q4 Earnings

Asia's tech stocks paused after a strong January rally, with mixed earnings causing caution ahead of Apple's results. The dollar weakened despite support from U.S. and EU officials. Gold and silver reached record highs as investors sought physical assets, while oil prices rose amid geopolitical tensions. The U.S. Federal Reserve maintained interest rates, with Chair Powell noting an improving economic outlook. Microsoft shares fell due to high capex spending, while Meta's strong guidance boosted its stock. Investors are now focused on Apple's upcoming earnings report.

- Asia's stock markets took a pause after a strong January rally, influenced by mixed tech earnings ahead of Apple's results.  
- The dollar weakened despite assurances of support from U.S. and European officials, while gold and silver prices hit new highs as investors sought physical assets.  
- Oil prices rose amid concerns over potential U.S. military actions against Iran, contributing to heightened demand for commodities.

GLOBAL MARKETS-Asia tech streak takes a timeout, gold keeps climbing