Stocks in Asia were buoyed by better-than-expected earnings at Chinese technology companies. Alibaba Group Holding Ltd. and Baidu Inc. were the top gainers. US futures advanced on signs consumers remain resilient despite inflationary pressures.

Stocks in Asia were buoyed by better-than-expected earnings at Chinese technology companies. Alibaba Group Holding Ltd. and Baidu Inc. were the top gainers. US futures advanced on signs consumers remain resilient despite inflationary pressures

European stocks followed Asian shares higher, heading for the best weekly advance since mid-March. The dollar dropped.

Coal companies led gains in Europe's Stoxx50, while utilities shares lagged. Stocks of British energy suppliers tumbled after the UK government announced windfall tax plans on oil and gas companies on Thursday. BP Plc said it would look again at its plans in the country. Citigroup Inc. strategists now recommend buying European shares on their appealing valuations compared to the US.

The dollar slipped again. At the same time, the currency was down almost by 3% against its main counterparts from its high on May 12. Treasury yields were flat.

As for corporate news, state-owned automaker China FAW Group is considering acquiring a significant stake in Didi Global Inc company.

Meanwhile, China-US tensions are once again being played out after direct comments from Secretary of State Antony Blinken aimed at Chinese President Xi Jinping. In a new challenge to Beijing, the US and Taiwan are planning to announce negotiations to deepen economic ties.

On the eve of day 100 of Russia's war in Ukraine, the US may announce a new package of aid for Kyiv as soon as next week that would include long-range rocket systems and other advanced weapons.

Key events to watch this week:US core PCE price index; personal income and spending; wholesale inventories; University of Michigan consumer sentiment Friday