Asian stocks rise following uptick on Wall Street – Press Enterprise – California News Times


Singapore (AP) — Asian stocks were mostly high on Wednesday as traders reflected overnight profits on Wall Street during another busy earnings week.

South Korea’s Kospi rose 0.9% to 3,264.78, and Hong Kong’s Hang Seng rose 1.5% to 26,589.87. The Shanghai Composite Index rose 0.3% to 3,458.31.

Sydney’s S & P / ASX 200 was also 0.3% higher at 7,497.40. However, the Nikkei 225 in Tokyo fell 0.1% to 27,612.29.

Stock prices rose in Singapore, Indonesia and the Philippines, but fell in Malaysia.

Traders are waiting for US employment data scheduled for Friday. They are also watching the spread of delta variants of the coronavirus in the United States, Europe, Asia, and especially China.

Recent outbreaks in China have been small, affecting hundreds instead of thousands or tens of thousands of illnesses elsewhere, but a year and a half ago a pandemic in the central city of Wuhan. This is the worst thing China has experienced since it happened.

“A small but significant increase in cases in China is drawing attention,” ING’s Robert Kernel said in a memo.

“The already enforced restrictions on movement and movement can have desirable consequences. However, delta variants are particularly slippery little creatures, and concerns for us are imagined by many others. So how quickly this happens and what the financial costs are in the meantime, “he said.

On Wall Street, tech and healthcare companies boosted the index on Tuesday. The S & P 500 overcame a volatile start and finished 0.8% higher at 4,423.15.

Earnings boosted emotions. Approximately 9 out of 10 companies in the S & P 500 Index are making more money than analysts expected. More than 100 more companies will be reporting this week.

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The Dow Jones Industrial Average rose 0.8% to 35,116.40, and the Nasdaq Composite Index rose 0.6% to 14,761.29. The Russell 2000 Index for SME stocks rose 0.4% to 2,223.58.

Some traders have sold a US-listed Chinese company. E-commerce giant Alibaba Group fell 1.4% and Internet search giant Baidu Inc. fell 1.5% on Tuesday.

Gaming and social media giant Tencent Holdings Ltd. plunged 7.3%. The Hong Kong-listed stock was added 2.5% on Wednesday.

Concerns are rising over China’s crackdown on technology, according to Oanda’s Edward Moya.

“Some investors aren’t angry with the review of the regulation, so US-listed Chinese companies have been hit,” he added.

In the energy market, benchmark US crude fell 19 cents to $ 70.37 a barrel in electronic commerce on the New York Exchange. Brent crude, the international oil price standard, fell 5 cents per barrel to $ 72.36 in London.

The US dollar fell from 109.05 yen on Tuesday to 109.04 yen. The euro rose from $ 1.1868 to $ 1.1875.

Asian stocks rise following uptick on Wall Street – Press Enterprise Source link Asian stocks rise following uptick on Wall Street – Press Enterprise



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