Asia stocks mixed after Wall St rises on corporate profits
BEIJING (AP) — Asian stock markets were mixed Wednesday after Wall Street rose on strong corporate profit reports.
Tokyo advanced while Shanghai and Hong Kong declined. The yen stayed near a two-decade low near 149 to the dollar. Oil prices gained.
Wall Street’s benchmark S&P 500 index rose 1.1% on Tuesday after investment bank Goldman Sachs, military contractor Lockheed Martin and others reported strong results.
Market sentiment is “looking positive so far amid forecast-beating earnings,” said Anderson Alves of ActivTrades in a report.
The profit reports helped at least temporarily offset investor worries that repeated interest rate hikes by U.S., European and Asian central banks to control inflation that is at multi-decade highs might tip the global economy into recession.
That concern has helped to drag U.S. stocks into a bear market, or a decline of more than 20% by the S&P 500 from its January high.
The Nikkei 225 in Tokyo gained 0.7% to 27,353.87 while the Shanghai Composite Index lost 0.3% to 3,072.85. The Hang Seng in Hong Kong lost 0.9% to 16,766.79.
The Kospi in Seoul added less than 0.1% to 2,251.88 and Sydney’s S&P-ASX 200 advanced 0.4% to 6,807.80. New Zealand and Southeast Asian markets advanced.
On Wednesday, the S&P 500 gained 3,719.98 as 90% of the stocks in the index rose.
The Dow Jones Industrial Average rose 1.1% to close at 30,523.80. The Nasdaq composite advanced 0.9% to 10,772.40.
With no major economic data releases planned this week, investors focused on corporate earnings.
Goldman Sachs rose 2.3%, which helped to lift other lenders. Lockheed Martin jumped 8.7%, giving other military-related stocks a boost. General Dynamics rose 3.8%, Northrop Grumman gained 6.7% and Raytheon Technologies added 3.4%.
American Airlines, Union Pacific and American Express also report results this week.
In energy markets, benchmark U.S. crude rose 99 cents to $83.06 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price basis for international oil trading, advanced 66 cents to $90.69 per barrel in London.
The dollar eased to 149.16 yen from Tuesday’s 149.21 yen. The euro rose to 98.52 cents from 98.50 cents.
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