Stock markets today: Asia mixed ahead of US earnings

Apr 23, 2023, 11:31 PM | Updated: Apr 24, 2023, 9:14 pm

A currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in S...

A currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 24, 2023. Asian stock markets were mixed Monday ahead of a U.S. economic update this week that is expected to show growth slowing. (AP Photo/Ahn Young-joon)

(AP Photo/Ahn Young-joon)

BEIJING (AP) — Asian stocks were mixed Tuesday after Wall Street edged higher as investors awaited U.S. earnings reports and an update on economic growth.

Shanghai and Hong Kong declined while Tokyo advanced. Oil prices were little-changed.

Wall Street’s benchmark S&P 500 index gained 0.1% on Monday after Coca-Cola Co. announced better quarterly profits than expected. Some 170 of the biggest U.S. companies are due to report earnings this week.

Also this week, U.S. government data are expected to show economic growth is slowing following repeated interest rate hikes to cool stubbornly high inflation.

If the economy cools, tech stocks will face a “difficult environment” maintaining high prices that have helped to buoy the market, said Edward Moya of Oanda in a report. He said stocks also face “big risks” from corporate earnings and a battle in Washington over raising the government’s debt limit.

The Shanghai Composite Index lost 0.6% to 3,256.82 while the Nikkei 225 in Tokyo advanced 0.4% to 28,706.04. The Hang Seng in Hong Kong sank 1.6% to 19,643.00.

The Kospi in Seoul tumbled 1.6% to 2,482.50 after South Korea reported unexpectedly strong economic growth in the first quarter, avoiding a technical recession. Korean economic activity expanded by 0.3% over the previous three-month period, rebounding from a 0.4% contraction.

Singapore and Bangkok declined. New Zealand and Australian markets were closed for a holiday.

On Wall Street, the S&P 500 advanced to 4,137.04. The Dow Jones Industrial Average rose 0.2% to 33,875.40 while the Nasdaq composite slipped 0.3%, to 12,037.20.

Analysts expect companies in the S&P 500 to report their worst drop in earnings since the spring of 2020, when the pandemic paralyzed the economy.

Microsoft is due to report earnings Tuesday and Amazon on Thursday. Microsoft fell 1.4% and Amazon dipped 0.7%.

The majority of companies so far this earnings reporting season have been beating forecasts.

Wall Street is also waiting for the first estimate of how quickly the U.S. economy grew in the first three months of the year. Economists expect growth to slow to 1.9% at an annual rate, down from 2.6% in the final quarter of 2022.

Higher rates have already slowed U.S. housing sales by making mortgages more expensive. Manufacturing and other areas of the economy have also shown pain, while the job market has stayed resilient.

The Federal Reserve meets next week. Much of Wall Street expects the U.S. central bank to raise interest rates at least one more time, before likely taking a pause. Many traders are betting the Fed will have to cut rates later this year in order to prop up the economy. But Fed officials have insisted they will keep rates high at least through the end of this year.

In energy markets, benchmark U.S. crude gained 4 cents to $78.80 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 89 cents on Monday to $78.76. Brent crude, the price basis for international oil trading, added 3 cents to $82.57 per barrel in London. It advanced $1.07 the previous session to $82.73.

The dollar rose to 134.37 yen from Monday’s 134.27 yen. The euro gained to $1.1055 from $1.1046.


Associated Press

Stock market today: Asian shares mostly fall as dive for Big Tech stocks hits Wall St rally

TOKYO (AP) — Asian shares were mostly lower Thursday, with Tokyo’s benchmark dipping more than 2%, after Wall Street’s record-breaking rally slammed into a wall of worries over potentially worsening trade tensions with China. Japan’s Nikkei 225 index finished down 2.4% at 40,126.35. The markets’ spotlight was squarely on chip companies after a report from […]

8 hours ago

Residents walk through the Petare neighborhood of Caracas, Venezuela, Tuesday, July 16, 2024. (AP P...

Associated Press

The uncertainty that plagues life in crisis-ridden Venezuela is also wreaking havoc on relationships

CARACAS, Venezuela (AP) — Victoria Estevez finally met someone who saw past her shyness. They spent two months learning about their likes and dislikes, texting about their families and friends, and walking around their hometowns on Venezuela’s Caribbean coast. On a trip to the capital in December, they held each other for the first time. […]

9 hours ago

Yoko Sakato, left, and Valerie Matsunaga, right, relatives of soldiers who fought in the 442nd Infa...

Associated Press

US Army honors Nisei combat unit that helped liberate Tuscany from Nazi-Fascist forces in WWII

ROME (AP) — The U.S. military is celebrating a little-known part of World War II history, honoring the Japanese-American U.S. Army unit that was key to liberating parts of Italy and France even while the troops’ relatives were interned at home as enemies of the state following Japan’s attack on Pearl Harbor. Descendants of the […]

10 hours ago

FILE - A view of Blenheim Palace in Woodstock, Oxfordshire, England, March 24, 2009. Leaders from a...

Associated Press

European leaders will discuss migration and Ukraine at a UK summit amid worry about Trump

LONDON (AP) — Leaders from across Europe gather at an English country mansion on Thursday for a summit clouded by worries about whether the United States would remain a reliable ally if Donald Trump secures a second presidency. Newly elected U.K. Prime Minister Keir Starmer is welcoming some 45 heads of government to discuss migration, […]

11 hours ago

Drivers are stranded due to flood waters blocking the Don Valley Parkway following heavy rain in To...

Associated Press

Flooding on highway in Toronto as torrential rain hits city

TORONTO (AP) — A major highway, several thoroughfares and a key transit hub were flooded in Canada’s largest city on Tuesday after torrential rain hit Toronto, while power outages were reported in multiple areas. Toronto police said part of the Don Valley Parkway, which runs from the north part of the city into the downtown […]

2 days ago

Wall Street Journal reporter Evan Gershkovich stands in a glass cage in a courtroom in Yekaterinbur...

Associated Press

US journalist Evan Gershkovich will appear in court for the second hearing in his trial

MOSCOW (AP) — Wall Street Journal reporter Evan Gershkovich will appear in court on Thursday for the second hearing in his trial on espionage charges that he, his employer and the U.S. government vehemently deny, court records showed. The trial is taking place behind closed doors in Yekaterinburg, a city in the Ural Mountains where […]

2 days ago

Stock markets today: Asia mixed ahead of US earnings