European and Asian markets rose on Friday, with Hong Kong leading the way thanks to a surge in tech stocks led by e-commerce titan Alibaba.

The gains followed a week marked by uncertainty as traders weighed the economic outlook in light of Donald Trump's tariffs drive and geopolitical machinations.

Asian equities led gains, with Shanghai rising and Hong Kong piling on more four percent to hit a three-year high fuelled by tech firms.

"The gains in Hong Kong and China came amid renewed excitement about the tech sector in the region as Alibaba announced big AI spending plans," said AJ Bell investment director Russ Mould.

China's Alibaba rocketed more than 14 percent following its forecast-busting earnings figures the previous day. The firm has bounced nearly 70 percent higher since the turn of the year.

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