(Updates to Asia mid-afternoon)

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Trump's tariff timeline offers markets reprieve

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Gold prices set for seventh straight week of gains

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Chinese tech stocks rally rages on

By Ankur Banerjee

SINGAPORE, Feb 14 (Reuters) - Global stocks rose on

Friday, while the dollar wobbled as investors enjoyed what might

just be a brief moment of respite after U.S. President Donald

Trump's reciprocal tariffs were not immediately imposed,

suggesting room for negotiations.

Trump's plans to impose reciprocal tariffs on every country

taxing U.S. imports have stoked fears of a wide-ranging trade

war, pushing gold prices to a record high earlier this week.

Gold was set for a seventh straight week of gains.

The directive from Trump on Thursday stopped short of

imposing fresh tariffs, instead kicking off what could be weeks

or months of investigation into the levies imposed on U.S. goods

by other trading partners and then devising a response.

"While global financial markets may be inclined to take some

relief from the delay in the immediate imposition of reciprocal

tariffs, it is not clear to us whether the delay necessarily

reflects a lower likelihood that they will eventually be

imposed," Barclays analysts said in a note.

Trump last week kicked off a trade war, first by imposing

tariffs on Mexico and Canada and then pausing them, but sticking

with duties on Chinese goods.

"It seems that Trump's bark has once again proved worse than

his bite when it comes to the matter of trade," said Michael

Brown, senior research strategist at Pepperstone.

"That doesn't, however, stop this now rather tiresome

merry-go-round of headlines, nor the accompanying yo-yo price

action, as participants grapple with whatever the latest story

is, and try to discount it."

European futures pointed to a lower open after the

pan-European STOXX 600 index and Germany's DAX

closed at a record high on Thursday. Futures for Nasdaq

and S&P 500 inched higher.

In Asia, the spotlight has been on a rally in Chinese tech

stocks, with the Hang Seng Tech Index hitting its

highest level in three years on Thursday spurred by home-grown

start-up DeepSeek's breakthrough.

On Friday, Hong Kong's benchmark index rose over 2%,

taking its weekly gains to 5%, its fifth straight week of gains

and the strongest weekly performance in four months.

James Ooi, market strategist at Tiger Brokers, said the

DeepSeek-driven rally appears to have further upside in the

short term, but a sustained rally will depend on the Chinese

tech sector's ability to monetise AI.

"While Chinese tech companies trade at lower valuations,

their reliance on domestic revenue limits their potential to

reach valuation levels comparable to global tech giants ... they

(also) face heightened scrutiny over privacy and security

concerns," Ooi said.

That left the MSCI's broadest index of Asia-Pacific shares

outside Japan up 0.37%, hovering near the

two-month high it touched on Thursday. Japan's Nikkei

fell 0.8% but was on track to eke out gains for the week.

INFLATION WATCH

Data on Thursday showed U.S. producer prices increased

solidly in January, bolstering financial market views that the

Federal Reserve would not be cutting interest rates before the

second half of the year.

But components of the data that are part of the personal

consumption expenditures (PCE), the Fed's preferred inflation

measure, were soft and added to hopes the PCE reading may be

cooler than currently expected.

The data comes on the heels of Wednesday's consumer price

index (CPI), which showed its largest acceleration in nearly

1-1/2 years.

The yield on benchmark U.S. 10-year notes was

steady at 4.531% after tumbling 10 basis points on Thursday,

clocking its biggest daily drop in a month.

The dollar index, which measures the greenback

against a basket of currencies, was last at 107.13 after

dropping 0.8% on Thursday, its biggest one-day percentage drop

since January 20.

The euro hovered near its highest in more than two

weeks at $1.0453, supported by optimism around potential peace

talks between Ukraine and Russia.

Oil prices rose on Friday, poised to end three weeks of

decline, buoyed partly by rising fuel demand.

Brent futures were up 0.2% at $75.17 a barrel while

U.S. West Texas Intermediate (WTI) crude gained 0.14% to

$71.39.