Asian markets battle to recover from tech rout after US data [Video]

Asian traders struggled to fight back Friday after a tech-fuelled sell-off, taking heart from forecast-beating US growth data that reassured that the economy was still in rude health, but did not dent hopes for an interest rate cut.

The positive performance came despite more losses on Wall Street, where the so-called “Magnificent Seven” heavyweights — which have been key to this year’s markets surge — suffered more selling as investors swapped out of them and into cheaper, small caps.

However, Taipei had a rough start as it reopened after being closed for two days by a typhoon, with chip giants including TSMC tanking as traders played catch-up with the recent rout, which was sparked by disappointing earnings from Tesla and Google-parent Alphabet.

Figures showing the US economy expanded far more than expected in the second quarter — and much quicker than the previous three months — provided a much-needed boost …