News

Asian stocks advance as investors look ahead to US earnings

Posted January 15, 2018 6:00 am

By JOE McDONALD

A currency trader watches the computer monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Monday, Jan. 15, 2018. Asian stock markets edged higher on Monday after Wall Streetâs strong finish last week. The U.S. dollar weakened against most major currencies, including the Japanese yen. (AP Photo/Lee Jin-man) The Associated Press

BEIJING (AP) - Asian stock markets were mostly higher Tuesday following a holiday for U.S. markets as investorsed look ahead to American corporate earnings.

KEEPING SCORE: The Shanghai Composite Index rose 0.4 percent to 3,425.03 and Tokyo's Nikkei 225 added 0.7 percent to 23,882.23. Hong Kong's Hang Seng gained 1.2 percent to 31,701.59 and Seoul's Kospi advanced 0.3 percent to 2,511.86. Sydney's S&P-ASX 200 shed 0.2 percent to 6,062.50. Taiwan, New Zealand Southeast Asian markets advanced.

EARNINGS OUTLOOK: Investors are looking at the impact of Washington's latest tax changes on U.S. companies as earnings season for the final quarter of 2017 gets into full swing. Many multinational corporations are taking a one-off charge for bringing home money held abroad. But investors expect them to benefit in the long run from the decision to cut the standard tax rate from 35 percent to 21 percent and are bidding up their share prices.

ANALYST'S TAKE: "Market focus will soon shift to the corporate earnings season, which serves as a quarterly test to a market full of complacency sentiment. Major markets include U.S., EU, Japan and China have seen four to five consecutive quarter of earnings improvement, and this is likely to continue as global cyclical upswing is gaining momentum," Margaret Yang of CMC Markets said in a commentary.

ENERGY: Benchmark U.S. crude rose 29 cents to $64.59 per barrel in electronic trading on the New York Mercantile Exchange. The contract advanced 50 cents to $64.30 on Monday. Brent crude, used to price international oils, shed 20 cents to $70.06 in London. It gained 39 cents the previous session to $70.26.

CURRENCY: The dollar gained to 110.93 yen from 110.51 yen. The euro slipped to $1.2264 from $1.2266.

A man walks by an electronic stock board of a securities firm in Tokyo, Monday, Jan. 15, 2018. Asian stock markets edged higher on Monday after Wall Street's strong finish last week. The U.S. dollar weakened against most major currencies, including the Japanese yen. (AP Photo/Koji Sasahara) The Associated Press

A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Monday, Jan. 15, 2018. Asian stock markets edged higher on Monday after Wall Streetâs strong finish last week. The U.S. dollar weakened against most major currencies, including the Japanese yen. (AP Photo/Lee Jin-man) The Associated Press

Article Comments

Article Categories
Content Providers Nation and World News

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.