Asia stocks up after US earnings, Bernanke comment
HONG 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. European markets were weaker.
Most markets in Asia posted gains of less than 1 percent after a mixed performance the day before. Wall Street futures fell along with crude oil prices.
Another round of better-than-expected earnings and improved forecasts in the U.S., this time from Caterpillar Inc. and Apple Inc., gave investors more reason to believe the worst of the global downturn was over.
That view was reinforced by Federal Chairman Ben Bernanke, who said the U.S. was set to turn around this year, albeit at a slow rate as rising unemployment continues to strain the economy. Investors also welcomed Bernanke’s assurances the Fed would keep interest rates low for the time being.
Investors have rushed headlong into global equities over the last week or so as earnings lent more support to the case for a revival in economic growth.
Now, more and more investors are tip toeing as they try to determine the actual shape of the rebound, said Thomas Lam, senior treasury economist at the United Overseas Bank in Singapore.
“The U.S. economy either has stabilized or is stabilizing, there’s no doubt about that,” Lam said. “We have transitioned from thinking it’s the end of the world to trying to see what the new world will look like.”
In Japan, the Nikkei 225 stock average rose 71.14, or 0.7 percent, to 9,723.16.
South Korea’s Kospi was up 0.3 percent. Shanghai’s index gained 1.9 percent, Australia’s benchmark advanced 0.4 percent and Taiwan’s market edged up 0.5 percent.
Elsewhere, Hong Kong’s Hang Seng added 253.26, or 1.3 percent, to 19,248.47. India’s Sensex shed 1.3 percent.
During early trade in Europe, Britain’s FTSE-100 lost 0.3 percent, Germany’s DAX fell 0.3 percent and France’s CAC-40 dropped 0.3 percent.
Wall Street added to its gains overnight.
The Dow rose 67.79, or 0.8 percent, to 8,915.94, its highest level since January.
The S&P 500 index rose 3.45, or 0.4 percent, to 954.58, its highest close since November. And the Nasdaq rose 6.91, or 0.4 percent, to 1,916.20, its 10th straight gain. The last time the index rose 10 straight days was in July 1997.
U.S. futures pointed to a weaker open Wednesday. Dow futures were off 66, or 0.7 percent, at 8,820 and S&P futures declined 5.9, or 0.6 percent, at 947.50.
Oil prices fell in Asia, with the September contract down 81 cents to $64.80 a barrel. On Tuesday, the August contract expired, rising 74 cents to settle at $64.72.
The dollar fell to 93.22 yen from 93.64 yen. The euro fell to $1.4188 from $1.4217.
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