Nikkei 225 edged up 0.1% to 39,621.28, Hang Seng dropped 0.1% to 17,620.16, the Shanghai Composite index declined 0.6% to 2,946.63, Kospi added 0.5% to 2,777.98, the S&P/ASX 200 climbed 0.7% to 7,987.90, Taiex soared 2.3%, and the SET declined 0.7%
Shares were mostly up Tuesday in Asia after U.S. stocks closed broadly higher, as Big Tech stocks took back some of their recent sharp declines.
U.S. futures dropped and oil prices were little changed.
Tokyo’s Nikkei 225 recovered from early losses, edging up 0.1% to 39,621.28.
Chinese markets dropped, with the Hang Seng in Hong Kong 0.1% lower to 17,620.16. The Shanghai Composite index declined 0.6% to 2,946.63.
China’s central bank cut two key interest rates by 10 bps on Monday, moving to ease credit and boost the economy, following a major policymaking meeting of the ruling Communist Party that focused on longer-term reforms. But both so far have done little to boost the markets, where investors are looking for more ambitious short-term action to spur faster growth.
Size matters. And obviously, a 10 bp cut is not particularly inspiring. Certainly, nowhere in the vicinity of ‘big gun’ stimulus, which is arguably what the economy needs, Mizuho Bank said in a commentary.
South Korea’s Kospi added 0.5% to 2,777.98, while the S&P/ASX 200 climbed 0.7% to 7,987.90.
Taiwan’s Taiex soared 2.3% as Taiwan Semiconductor Manufacturing Co. added 3.4%, bouncing back from recent losses.
In Bangkok, the SET declined 0.7%.
Reports on corporate profits and U.S. economic growth may hog the market’s spotlight this week. Analysts are expecting companies in the S&P 500 to deliver the strongest profit growth for the latest quarter since the end of 2021, as per FactSet.
Besides Alphabet and Tesla, dozens of other big U.S. companies will also report their latest quarterly results this upcoming week, including Coca-Cola, Ford and American Airlines.
On Monday, the S&P 500 added 1.1% to 5,564.41, breaking a three-day losing streak. It was the first gain for the benchmark index since it set an all-time high on July 16.
The DJIA gained 0.3% to 40,415.44, and the Nasdaq composite jumped 1.6% to 18,007.57.
The gains were broad, with more than three-quarters of the stocks in the S&P 500 closing higher, although tech stocks accounted for much of the rally.
