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Monday, 30 October 2017

Asian markets edged higher; third-quarter earnings in focus

Posted by Anonymous at 10:02 Labels: Wall Street

Asian equity indexes were mainly higher on Monday as market players awaited third-quarter earnings from important companies in the region.

Australia ASX +19.90 +0.33% 5,989.20 OPEN

Shanghai Comp -24.78 -0.73% 3,392.03 OPEN

Hang Seng Index +13.37 +0.05% 28,452.22 OPEN

Nikkei 225 -22.42 -0.10% 21,986.03 OPEN

TSEC 50 Index +57.55 +0.54% 10,766.66 OPEN

Today’s corporate earnings calendar includes: Nintendo, Agricultural Bank of China, Sinopec, Bank of China, Kobe Steel, WH Group and ICBC.

HSBC has already presented its earnings this morning, with third-quarter pre-tax profit standing at $4.62 billion, increasing $843 million from the same period a year ago. Adjusted revenue gained 3 percent in the past twelve months to $13 billion.

On the data, Japan retail sales for September rose 2.2 percent on yearly basis, missing a forecasted build of 2.5 percent. No more relevant economic reports are due for the day in Asia.

However, more data is scheduled in Europe and the United States ahead in the day. Traders will be paying attention to German retail sales for September at 07:00 GMT and the country’s consumer price index, which is due for release at 13:00 GMT.

Attention will also be directed to the US core PCE price index for September at 12:30 GMT. Personal spending will be available by the same time.

US stock indexes closed in green territory on Friday, with the top three indexes finding support in strong earnings reports from the technology sector. The Nasdaq gained 2.2 percent.

American investors were cheered by upbeat economic data. The Commerce Department said the first world’s economy expanded by 3 percent last quarter, topping an expected 2.5 percent.

Meanwhile in Europe, the euro extended losses to 1.1573 against the greenback as Catalonia’s parliament declared its independence, rising uncertainty among investors.

Prime Minister of Spain Mariano Rajoy responded by triggering Article 155 of the constitution, which allows the central government to take control over the region. Catalonia’s parliament was dissolved and early elections were called for December 21.

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