Asia stocks rise modestly as company earnings eyed
HONG KONG — Asian stock markets were modestly higher as investors eyed earnings from major companies for clues about the health of the global economy.
The moderate advance came after a mixed finish on Wall Street, where traders were reluctant to place major bets ahead of quarterly reports from U.S. companies.
But investors were pleased by news after the closing bell that Aluminum maker Alcoa Inc., the first of the 30 companies that make up the Dow Jones average to announce its earnings, said it was profitable again after three losing quarters.
Markets found additional girding after Australia’s unemployment rate unexpectedly dropped to 5.7 percent last month, news that caused the country’s currency to surge to a 14-month high and added to optimism about an economic recovery.
Still, many investors were treading cautiously as they awaited more earnings reports in the U.S. as well as the reopening of mainland China’s markets Friday, which have been closed the last week for a national holiday, analysts said
“We’ve already had a good rebound for several days, so at this moment we’re on the sidelines and looking for more news,” said Linus Yip, a strategist at First Shanghai Securities in Hong Kong.
Japan’s Nikkei 225 stock average rose 19.56 points, or 0.2 percent, to 9,819.16 and Hong Kong’s Hang Seng added 81.95 points, or 0.4 percent, to 21,323.54.
Elsewhere, South Korea’s Kospi inched up 0.1 percent. Australia’s index jumped 1.4 percent.
On Wall Street overnight, the Dow fell 5.67, or 0.1 percent, to 9,725.58.
The S&P 500 index rose 2.86, or 0.3 percent, to 1,057.58, while the Nasdaq composite index rose 6.76, or 0.3 percent, to 2,110.33.
U.S. futures pointed to a higher open Thursday. Dow futures were up 74, or 0.8 percent, at 9,747.
Oil prices rose above $70 a barrel in Asia amid a weakening U.S. dollar and mixed crude inventory data. Benchmark crude for November delivery was up 68 cents at $70.25; the contract lost $1.31 overnight.
The dollar slumped further, trading at 88.18 yen from 88.60 yen. The euro gained to $1.4756 from $1.4687.
Related News
Stock futures point toward higher opening as investors wait to hear from Fed chairmanAugust 21st, 2009 Stock futures point to modestly higher openingNEW YORK — Stock futures pointed to a modestly higher open as investors try to shake a two-day losing streak. Overseas markets mostly fell.
Asian markets fall sharply as investors take profits from rally; Shanghai dives 4.3 percentAugust 19th, 2009 Asian stocks fall sharply as China market unravelsHONG KONG — Most Asian stock markets dropped sharply Wednesday, with Shanghai's index tumbling as much as 5 percent, amid concerns the recent rally was petering out. Regional markets were modestly higher through the morning in lethargic trade before getting whacked later in the day.
Asian stock markets mostly higher in cautious trade, but Shanghai shares fall modestlyAugust 19th, 2009 Asia stock markets mostly higher in cautious tradeHONG KONG — Most Asian stock markets drifted higher Wednesday, but many investors held back for clues to whether the recent rally would resume or continue to peter out. Several major markets — including China, Japan and Hong Kong — fluctuated in thin, lethargic trade that bucked an overnight rebound on Wall Street.
Stocks modestly lower ahead of upcoming Federal Reserve meeting, retailer earningsAugust 10th, 2009 Stocks modestly lower in early morning tradingNEW YORK —Stocks were trading modestly lower Monday morning as investors look this week to the retail sector and the Federal Reserve for signs of how the economy is faring. Overseas, Asian markets rose amid a positive report on Japanese machinery orders, a key indicator of corporate capital spending.
Stock futures modestly lower ahead of upcoming Federal Reserve meeting, retailer earningsAugust 10th, 2009 Stock futures modestly lower ahead of openingNEW YORK —Stock futures were modestly lower early Monday as investors turn their attention to an upcoming Federal Reserve Board meeting and earnings from some of the nation's largest retailers. Overseas, Asian markets rose amid a positive report on Japanese machinery orders, a key indicator of corporate capital spending.
Stock futures rise slightly as investors await key report on 2nd-quarter economic performanceJuly 31st, 2009 Stock futures rise modestly ahead of GDP reportNEW YORK — Stock futures rose modestly Friday morning, extending the previous day's rally ahead of a key reading on the overall output of the economy during the second quarter. Asian markets pushed higher on the strength of the U.S.
Asia stock markets largely mixed as powerful rally stalls; Tokyo weaker ahead of earningsJuly 28th, 2009 Asia stocks narrowly mixed as earnings eyedHONG KONG — Asian stock markets fluctuated Tuesday, pausing from a powerful two-week rally fueled by optimism about company earnings. Markets were narrowly mixed, with Tokyo's benchmark index weakening after a nine-day winning streak as investors awaited second-quarter results from Japan's Nissan, Sony and mega lender Mitsubishi UFJ Financial Group later in the week.
Asian markets rise on improving economic data, better corporate earningsJuly 24th, 2009 Asian markets rise on improving data, earningsBANGKOK — Asian stock markets climbed Friday as economic data and company earnings reinforced confidence that a recovery from the global recession is under way. South Korea's benchmark index gained modestly after news that Asia's fourth-largest economy grew at its fastest pace in nearly six years in the second quarter, adding to evidence the region is bouncing back.
Asian stocks up modestly after positive earnings, Bernanke comment; Tokyo gains nearly 1 pctJuly 22nd, 2009 Asia stocks up after US earnings, Bernanke commentHONG KONG — Asian stocks rose modestly Wednesday after more U.S. companies posted stronger earnings and the Federal Reserve's chairman said the world's largest economy was on pace to recover this year.
Asian markets mixed as investors take profits after earnings rally; Tokyo up nearly 3 percentJuly 21st, 2009 Asian markets mixed as earnings rally weakensHONG KONG — Asian stock markets turned mixed Tuesday, weakening amid caution after a recent run driven by stronger-than-expected earnings from global companies. Tokyo's market outperformed the region to hit a two-week high after being closed for a holiday Monday, as investors seemed to shrug off the unfolding shake-up in Japanese national politics.
Stock futures rise as earnings from Goldman Sachs, Intel boost economic recovery hopesJuly 15th, 2009 Stock futures rise on earnings reportsNEW YORK — Investors who have been looking for signs the economy is on the mend are pushing stock futures higher in the wake of better-than-expected earnings reports from Intel and Goldman Sachs. The upward move ahead of Wednesday's market opening in New York extends gains in overseas markets.
Stocks futures point to lower opening as investors prepare for crush of earningsJuly 13th, 2009 Stocks futures lower ahead of busy earnings weekNEW YORK — Stock futures are lower as investors brace for a crush of earnings reports this week, including key readings from the banking sector. Overseas, Asian markets tumbled Monfay, but European stocks have posted only modest losses.
Asian stock markets mixed as investors eye company earnings; oil falls toward $65 a barrelJuly 6th, 2009 Asian stocks mixed as investors await profitsHONG KONG — Asian stocks were narrowly mixed Monday, undermined by investor anxiety that company earnings will reflect a weaker global economy than originally hoped. Volumes were thin across the region without a cue from U.S.
Asian stock markets gain after Wall Street rises on upbeat earnings reports; HK up 1 percentJune 26th, 2009 Asian stock markets track Wall Street higherHONG KONG — Asian stocks gained Friday, following an overnight recovery on Wall Street after strong profits at a handful of U.S companies buttressed optimism about the world's largest economy. Select Asian energy firms gained as crude oil prices traded above $70 a barrel.
Most Asian markets rise modestly after US economic data encourages recovery hopesJune 2nd, 2009 Asian market rise after positive US economic dataHONG KONG — Most Asian stock markets gained modestly Tuesday after more encouraging signs that the global recession is starting to let up. But the advance was smaller than the previous day's as some investors showed caution following a three-month rally.
Loading ...