Stocks in Asia Pacific were edged up on Tuesday following overnight gains on Wall Street as the earnings season rolls on.
The Nikkei 225 in Japan added 0.62% in early trade, with shares of semiconductor equipment manufacturer Tokyo Electron jumping 2.58%. The Topix index also rose 0.43%. In South Korea, the Kospi advanced 0.23%, as shares of Hyundai Motor dropped about 3% after the company posted earnings that missed expectations, despite seeing its biggest quarterly profit jump in seven years.
Over in Australia, the S&P/ASX 200 rose 0.27%.
Overall, the MSCI Asia ex-Japan index traded 0.04% higher. Overnight stateside, the S&P 500 gained 0.3% to close at 2,985.03, while the Nasdaq Composite advanced 0.7% to end its trading day at 8,204.14. The Dow Jones Industrial Average added 17.70 points to close at 27,171.90.
Amid the ongoing earnings season, more than a quarter of the S&P 500 companies has reported earnings this week. So far, more than 15% of the S&P 500 has posted quarterly results. Of those companies, 78.5% have topped analyst expectations for earnings while 67% have reported better-than-expected quarterly revenues, according to FactSet data. U.S. President Donald Trump agreed to requests for “timely licensing decisions ” from the Department of Commerce regarding Chinese telecommunications giant Huawei, following a meeting with tech and telecommunications executives on Monday, according to the White House. That comes as Huawei, which relies on American suppliers for components and software in some of its products, remains on a Washington trade blacklist.
Meanwhile, the U.K. is set to find out who its next prime minister will be as it moves closer to the Brexit departure deadline of October 31.
Tensions remain high in the Middle East following Iran’s seizure of a British tanker last week, with oil prices seeing gains on Monday.
In the morning of Asian trading hours on Tuesday, oil prices were mixed. The international benchmark Brent crude futures contract rose slightly to $63.31 per barrel, while U.S. crude futures dipped 0.11% to $56.16 per barrel.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.308 after seeing lows below 97.2 yesterday.
The Japanese yen traded at 107.97 against the dollar after strengthening from the 108.0 handle in the previous session, while the Australian dollarchanged hands at $0.7032 after slipping from highs above $0.705 yesterday.
Here’s a look at some of the data set to be released in the trading day ahead:
- Japan: Inflation data (year-on-year) at 1:00 p.m. HK/SIN
- Singapore: Inflation data for June at 1:00 p.m. HK/SIN
- South Korea earnings: LG Display, LG Innotek, Posco