Asian shares look for rebound following tech earnings

In this news, we discuss the Asian shares look for rebound following tech earnings.

(Reuters) – Asian markets appeared to continue their bullish movement on Friday, after a rebound in US stocks and strong corporate earnings.

Australia’s ASX 200 climbed 0.14% early in the session, while Hong Kong Hang Seng index futures rose 0.26%.

Japanese Nikkei 225 futures were down 0.24% and 0.31% from the close of the underlying index on Wednesday.

MSCI’s stock gauge around the world rose 0.44%.

A record number of coronavirus cases around the world and the US presidential election on November 3 remained the main factors looming for investors. Global coronavirus cases rose by more than 500,000 for the first time on Wednesday as France and Germany prepared for new lockdowns.

But in the short term, a strong quarterly reporting regime from tech giants has set the stage for an opening up recovery in Asia. Parent Alphabet from Google, Inc, Apple Inc and Facebook Inc has all beaten analyst estimates for quarterly earnings, with Amazon reporting a second straight quarter of record profits.

US stocks rebounded Thursday after a massive sell off the day before. They were boosted by a stronger-than-expected report on US economic growth in the third quarter, which revealed record expansion but lingering scars from the pandemic.

“Even with the rebound, US production remains 3.5% below its pre-COVID levels. The path to recovery is much less clear from here, especially as the number of virus cases rises and there are short-term obstacles to a budget deal, ”ANZ analysts wrote. in a note.

The Dow Jones Industrial Average closed up 0.52%. The S&P 500 gained 1.19% and the Nasdaq Composite rose 1.64%.

The European Central Bank has pledged to take further steps in December to provide additional economic support as European countries grapple with a new coronavirus outbreak. The announcement dragged the euro to a four-week low against the US dollar.

Oil continued its decline, falling more than 4% on Thursday and hitting a five-month law, as new pandemic fears weighed heavily on demand expectations.

December Brent crude futures fell $ 1.66, or 4.2%, and US West Texas Intermediate (WTI) crude futures fell $ 1.50, or 4% , falling.

Gold prices hit a one-month low on Thursday, pushed lower by a stronger dollar. US gold futures stabilized 0.6% at $ 1,868.

The 10-year note last fell 16/32 in price to give 0.8331%, down from 0.781% on Wednesday night.

Reporting by Pete Schroeder; Editing by Tom Brown

Original © Thomson Reuters

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