Asian shares advanced Wednesday after Wall Street rallied to its best day in more than three weeks as companies reported strong profits for the past quarter.
Tokyo's Nikkei 225 jumped 2.5% to 27,631.50 while the Hang Seng in Hong Kong gained 2% to 21,068.85. In Seoul, the Kospi added 1% to 2,395.19. Australia's S&P/ASX 200 climbed 1.7% to 6,765.00, while the Shanghai Composite index rose 0.7% to 3,301.25.China's central bank kept its loan prime rate steady despite the latest data showing a significant slowdown in growth in the past quarter, when pandemic-related shutdowns in many cities idled businesses and other activity.
Stocks have dropped roughly 20% this year on worries about rising interest rates and high inflation. That puts a brighter spotlight than usual on how much profit companies are making. Strong earnings would provide a major support for markets. But if CEOs warn about troubles ahead, another tumble may be on the way.
Expectations for economic growth and profits have darkened according to a Bank of America monthly survey of global fund managers. That has them sitting on their highest cash levels since 2001 and their lowest allocations to stocks since 2008.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why Wall Street can't take its eyes off NetflixEveryone's watching Netflix this week — Netflix earnings, that is. And it will be a make-or-break moment for the company that's made its name synonymous with streaming itself.
Read more »
Netflix loses nearly 1 million subscribers, forecast misses Wall Street estimatesNetflix plans to add an ad-supported tier in 2023, notes strong American dollar has affected business abroad
Read more »
Asian shares mixed as investors eye inflation, earningsAsian shares were mixed to begin Tuesday, as investors weighed oil prices, inflation worries and corporate earnings.
Read more »
North Korea says it is nearing end of COVID-19 crisis as Asian neighbours fight resurgenceNorth Korea is on the path to 'finally defuse' a crisis stemming from its first acknowledged outbreak of COVID-19, the state news agency said on Monday, while Asian neighbours battle a fresh wave of infections driven by Omicron subvariants.
Read more »
Asian shares gain on upbeat news on China property sectorShares were higher in Asia on Monday, led by gains in Chinese markets after regulators urged banks to support property projects to support the housing market.
Read more »