Asian Shares Climb On Robust US Earnings

RTTNews | 10 days ago

(RTTNews) - Asian stocks rose broadly on Friday as Microsoft and Google's parent company Alphabet both beat Wall Street's Q1 expectations, offsetting Meta Platforms' disappointing forward guidance.

The yen hit a fresh 34-year low as the Bank of Japan ended its two-day policy meeting with no change to interest rates and the target policy rate.

Oil and gold traded higher in Asian trading as the dollar index stabilized around a two-week low following U.S. GDP surprise. Mainland Chinese and Hong Kong stocks posted strong gains after experts from international investment firms revised their outlook on Chinese stocks.

China's Shanghai Composite index rallied 1.17 percent to 3,088.64 while Hong Kong's Hang Seng index jumped 2.12 percent to 17,651.15.

Japanese markets advanced after the Bank of Japan expressed confidence that inflation was on track to durably hit 2 percent in coming years.

Market participants also reacted to Tokyo's inflation figures and comments by Japanese Finance Minister Shunichi Suzuki that the country is concerned about negative effects of the weak yen.

The Nikkei average rose 0.81 percent to 37,934.76 and closed up 2.3 percent for the week. The broader Topix index settled 0.86 percent higher at 2,686.48. Tech and real estate stocks paced the gainers, with Tokyo Electron rising 1.9 percent and Mitsui Fudosan adding 3.6 percent.

Startup-investor SoftBank Group climbed 2.4 percent. Chip material maker Shin-Etsu Chemical slumped 6.4 percent after announcing a takeover offer for Mimasu Semiconductor Industry.

Seoul stocks closed sharply higher, led by tech and financial stocks. The Kospi average edged up 1.05 percent to 2,656.33. SK Hynix surged 4.2 percent, KB Financial soared 9.7 percent and Shinhan Financial climbed 7.5 percent.

Australian and New Zealand markets fell as trading resumed after the Anzac Day holiday on Thursday.

Australia's benchmark S&P ASX 200 dropped 1.39 percent to 7,575.90 while the broader All Ordinaries index closed 1.26 percent lower at 7,837.40.

Across the Tasman, New Zealand's benchmark S&P NZX-50 index fell 1.18 percent to 11,805.09.

U.S. stocks ended lower but off their day's lows overnight, following disappointing earnings updates from IBM and Meta Platforms.

Treasury yields climbed as new data showed slowing GDP growth but strong inflation, raising fears of stagflation.

Data showed that U.S. GDP slowed to 1.6 percent annualized in the first quarter after surging by 3.4 percent in the fourth quarter of 2023.

Core inflation came in stronger at 3.7 percent in Q1, picking up from a 2 percent annualized rate and pushing out rate-cut bets to December.

The Dow gave up 1 percent, the-heavy Nasdaq Composite declined 0.6 percent and the S&P 500 dipped half a percet.

Singapore Stock Market May Find Additional Support On Tuesday

The Singapore stock market rebounded on Monday, one session after ending the three-day winning streak in which it had risen more than 15 points or 0.5 percent. The Straits Times Index now rests just above the 3,300-point plateau and it may add to its winnings on Tuesday. The global forecast for the Asian markets is upbeat on renewed optimism over the outlook for interest rates. The European and U.S. markets were firmly higher and the Asian markets are predicted to open in similar fashion. The STI finished modestly higher on Monday following gains from the financial shares, property stocks and industrial issues. For the day, the index gained 10.26 points or 0.31 percent to finish at 3,303.19 after trading between 3,292.03 and 3,307.92. Among the actives, CapitaLand Investment spiked 1.92 percent, while City Developments advanced 0.67 percent, Comfort DelGro fell 0.17 percent, DBS Group collected 0.48 percent, Genting Singapore dropped 0.56 percent, Hongkong Land jumped 1.54 percent, Keppel DC REIT surged 2.98 percent, Keppel Ltd rose 0.15 percent, Mapletree Pan Asia Commercial Trust accelerated 1.64 percent, Mapletree Industrial Trust climbed 0.92 percent, Mapletree Logistics Trust soared 2.96 percent, Oversea-Chinese Banking Corporation eased 0.07 percent, SATS slumped 0.78 percent, Seatrium Limited retreated 1.09 percent, SembCorp Industries added 0.38 percent, Singapore Technologies Engineering shed 0.25 percent, Venture Corporation tumbled 1.45 percent, Wilmar International sank 0.31 percent, Yangzijiang Financial rallied 1.56 percent and Yangzijiang Shipbuilding, CapitaLand Integrated Commercial Trust, Thai Beverage, SingTel and Emperador were unchanged.

RTTNews | 4h 19min ago

Win Streak May Continue For Malaysia Stock Market

The Malaysia stock market has moved higher in three straight sessions, gathering more than 20 points or 1.4 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,600-point plateau and it's tipped to open in the green again on Tuesday. The global forecast for the Asian markets is upbeat on renewed optimism over the outlook for interest rates. The European and U.S. markets were firmly higher and the Asian markets are predicted to open in similar fashion. The KLCI finished modestly higher on Monday following gains from the financial shares and mixed performances from the plantations and telecoms. For the day, the index added 7.80 points or 0.49 percent to finish at 1,597.39 after trading between 1,591.17 and 1,598.26. Among the actives, Axiata skidded 1.04 percent, while Celcomdigi and Tenaga Nasional both added 0.49 percent, CIMB Group jumped 1.50 percent, Genting fell 0.22 percent, Genting Malaysia sank 0.38 percent, IHH Healthcare was up 0.16 percent, IOI Corporation retreated 1.47 percent, Kuala Lumpur Kepong dipped 0.17 percent, Maxis shed 0.28 percent, Maybank collected 0.31 percent, MISC eased 0.12 percent, MRDIY rallied 1.19 percent, PPB Group lost 0.25 percent, Press Metal perked 0.19 percent, Public Bank spiked 1.94 percent, QL Resources advanced 0.61 percent, RHB Capital climbed 0.74 percent, Sime Darby tumbled 1.74 percent, Sime Darby Plantations gained 0.23 percent, Telekom Malaysia slid 0.16 percent, YTL Corporation soared 2.45 percent, YTL Power surged 2.51 percent and Petronas Chemicals, Hong Leong Bank and AMMB Holdings were unchanged.

RTTNews | 4h 49min ago

South Korea Shares Due For Support On Tuesday

Ahead of Monday's holiday for Children's Day, the South Korea stock market had ended lower in two straight sessions, slipping more than 15 points or 0.6 percent in that span. The KOSPI now sits just above the 2,675-point plateau although it figures to stop the bleeding on Tuesday. The global forecast for the Asian markets is upbeat on renewed optimism over the outlook for interest rates. The European and U.S. markets were firmly higher and the Asian markets are predicted to open in similar fashion. The KOSPI finished slightly lower on Friday as losses from the technology stocks and automobile companies were mitigated by support from the financial sector. For the day, the index lost 7.02 points or 0.26 percent to finish at the daily low of at 2,676.63 after peaking at 2,705.26. Volume was 329.8 million shares worth 7.7 trillion won. There were 477 decliners and 390 gainers. Among the actives, Shinhan Financial rallied 1.42 percent, while KB Financial jumped 1.94 percent, Hana Financial collected 1.75 percent, Samsung Electronics shed 0.51 percent, Samsung SDI retreated 1.24 percent, LG Electronics advanced 0.98 percent, SK Hynix fell 0.23 percent, Naver soared 3.07 percent, LG Chem was down 0.37 percent, Lotte Chemical strengthened 1.59 percent, S-Oil rose 0.29 percent, SK Innovation added 0.55 percent, POSCO climbed 1.13 percent, SK Telecom slid 0.39 percent, KEPCO lost 0.47 percent, Hyundai Motor plunged 3.21 percent, Kia Motors plummeted 4.77 percent and Hyundai Mobis was unchanged.

RTTNews | 5h 19min ago

TSX Ends Higher For 3rd Straight Day

The Canadian market ended sharply higher on Monday, extending gains to a third straight session, thanks to firm commodity prices and rising optimism about interest rate cuts by several central banks, including the Federal Reserve and the Bank of India, by the later part of the second quarter, or early third quarter.

RTTNews | 6h 13min ago

Australia Interest Rate Decision Due On Tuesday

The Reserve Bank of Australia will wrap up its monetary policy meeting and then announce its decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The RBA is widely expected to keep its benchmark lending rate unchanged at 4.35 percent.

RTTNews | 6h 19min ago

Dollar Drifts Lower On Rate Cut Bets

The U.S. dollar shed ground against its major counterparts on Monday with investors growing increasingly confident about a rate cut in the coming months.

RTTNews | 7h 3min ago

Canadian Market Up Sharply, Looks Headed For Buoyant Close

The Canadian market is up firmly in positive territory Monday afternoon with stocks from several sectors posting strong gains thanks to sustained buying support amid rising hopes of interest rate cuts by several central banks, including the Fed, European Central Bank and the Bank of Canada.

RTTNews | 9h 33min ago

Swiss Market Ends Higher Again

The Switzerland market ended on a firm note on Monday, moving higher for a second straight session, on optimism several central banks, including the Federal Reserve and the ECB will soon start reducing interest rates.

RTTNews | 10h 53min ago

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