{"id":54199,"date":"2023-08-29T00:33:25","date_gmt":"2023-08-29T04:33:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/asian-markets-rise-as-attention-turns-to-earnings-economies\/"},"modified":"2023-08-29T00:33:27","modified_gmt":"2023-08-29T04:33:27","slug":"asian-markets-rise-as-attention-turns-to-earnings-economies","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54199","title":{"rendered":"Asian markets rise as attention turns to earnings, economies"},"content":{"rendered":"
\n

TOKYO \u2014 Asian shares rose Tuesday as markets shift their attention from the U.S. Federal Reserve to earnings and economic reports.<\/p>\n

Regional markets also got a perk from signs\u00a0China-U.S. relations\u00a0may be improving, as the nations agreed to work together to smooth out economic relations, including business and trade.<\/p>\n

\n

\u201cThis sounds more like the kind of pragmatic and decisive breakthrough that is required. The proof will be in the pudding and only time will tell, but markets are correct to respond favorably to these developments,\u201d said Clifford Bennett, chief economist at ACY Securities.<\/p>\n

U.S. Commerce Secretary Gina Raimondo said she and her Chinese counterpart agreed Monday to exchange information on U.S. export controls and set up a group to discuss other commercial issues. That signals possible hopes about bilateral communication, but various conflicts remain, including over technology, security and human rights.<\/p>\n

Japan\u2019s benchmark Nikkei 225
\n JP:NIK
\n edged up 0.2% in early trading. Toyota shares
\n 7203,
\n +0.02%<\/bg-quote>
\n dropped in morning trading after 25 vehicle assembly lines at 12 plants in Japan got shut down over a problem in its computer system that deals with incoming auto parts.<\/p>\n

Toyota spokeswoman Sawako Takeda said the company does not think the problem is from a cyberattack, but the cause was still under investigation, and it remained unclear when the lines would be back up.<\/p>\n

Australia\u2019s S&P\/ASX 200
\n AU:XJO
\n added 0.4% and South Korea\u2019s Kospi
\n KR:180721
\n edged up 0.3%. Hong Kong\u2019s Hang Seng
\n HK:HSI
\n jumped 1.6%, while the Shanghai Composite
\n CN:SHCOMP
\n gained 0.6%. Benchmark indexes in Singapore
\n SG:STI,<\/span>
\n Taiwan
\n TW:Y9999
\n and Indonesia
\n ID:JAKIDX
\n gained.<\/p>\n

On Wall Street, the S&P 500
\n SPX
\n rose 27.60 points, or 0.6%, to 4,433.31. The benchmark index is still on track to close out August with a loss.<\/p>\n

The Dow Jones Industrial Average
\n DJIA
\n rose 213.08 points, or 0.6% to 34,559.98 and the Nasdaq composite
\n COMP
\n rose 114.48 points, or 0.8%, to 13,705.13.<\/p>\n

Companies are wrapping up their latest round of earnings reports, which have mostly beaten analysts\u2019 expectations. Still, overall profits for the S&P 500 have contracted about 4% under the weight of persistent inflation.<\/p>\n

Investors have a busy week ahead full of economic reports that could shed more light on whether the job market remains hot and inflation is still cooling. The latest data could provide more clues about whether the Fed is likely to hold interest rates steady or raise them again before the year closes.<\/p>\n

Wall Street will get an update Tuesday on consumer confidence, which jumped sharply in July and is expected to remain strong in August.<\/p>\n

The government will issue its July report on job openings on Tuesday and its broader jobs report for August on Friday. The job market is being closely watched because it has remained strong amid high inflation.<\/p>\n

Investors and economists will be focusing closely on the government\u2019s latest inflation update on Thursday. The report on personal consumption and expenditures is the Fed\u2019s preferred measure as it tries to rein inflation back to 2%. The PCE report showed inflation rising at a rate of 3% in June and the July report is expected to show it rose slightly to 3.3%. Overall, it\u2019s down from a high of 7% a year ago.<\/p>\n

The central bank has already raised its main interest rate to the highest level since 2001 in its drive to grind down high inflation. That was up from virtually zero early last year. The Fed held rates steady at its last meeting, but hasn\u2019t ruled out future rate hikes to fight persistent inflation.<\/p>\n

Wall Street is betting that the Fed will hold rates steady again at its September meeting, according to CME\u2019s FedWatch tool. Bets are nearly evenly split, though, on whether it will raise rates one more time before 2023 closes.<\/p>\n

Powell on Friday said upcoming decisions will be based on what incoming data reports say about the economy.<\/p>\n

The yield on the 10-year Treasury slipped to 4.21% from 4.24% late Friday. The yield on the 2-year Treasury, which more closely tracks expectations for the Fed, fell to 5.06% from 5.08% late Friday.<\/p>\n

In energy trading, benchmark U.S. crude
\n CLV23,
\n -0.02%<\/bg-quote>
\n fell 19 cents to $79.91 a barrel. Brent crude
\n BRNV23,
\n -0.01%<\/bg-quote>,<\/span>
\n the international standard, lost 17 cents to $84.25 a barrel.<\/p>\n

In currency trading, the U.S. dollar
\n USDJPY,
\n -0.07%<\/bg-quote>
\n inched down to 146.39 Japanese yen from 146.54 yen.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TOKYO \u2014 Asian shares rose Tuesday as markets shift their attention from the U.S. Federal Reserve to earnings and economic reports. Regional markets also got a perk from signs\u00a0China-U.S. relations\u00a0may be improving, as the nations agreed to work together to smooth out economic relations, including business and trade. \u201cThis sounds more like the kind of […]<\/p>\n","protected":false},"author":1,"featured_media":54200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-54199","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nAsian markets rise as attention turns to earnings, economies | iFintechWorld<\/title>\n<meta name=\"description\" content=\"TOKYO \u2014 Asian shares rose Tuesday as markets shift their attention from the U.S. Federal Reserve to earnings and economic reports. 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