BANGKOK (AP) – Shares in Asia opened higher on Monday after a strong end to Wall Street last week.
Tokyo, Hong Kong, Seoul և Shanghai all started with modest gains, and US futures were also higher. Oil prices slipped.
Shares rose in New York on Friday, although the S&P 500 still ended with its first weekly loss in the last five. Technology stocks and banks dominated most of the profits, while investors focused on the firm’s unsecured income from big names such as Intel, American Express and Honeywell.
So far, Asian markets have seen significant setbacks in overcoming the epidemic, with infections in other countries such as Aponia, Thailand and India.
The government’s precautionary measures to combat the outbreak show an unequal global recovery, economists say. This is especially true of tourism, which is a potential industry for many parts of the region.
Tokyo Nikkei 225 increased by 0.3% to 29,120.12, and Hang Seng was less than 0.1% higher in Hong Kong, reaching 29,093.33. In Seoul, Cospin jumped 0.8% to 3,209.85. The Shanghai Composite Index rose 0.2% to 3,480.68, and the Australian S & P / ASX 200 is down 3 points at 7,057.00. Shares fell in Akarta, but rose in Taiwan and Singapore.
The S&P 500 was up 1.1% at 4,180.17 on Friday. The Dow Jones industrial average was up 0.7% at 34,043.49. The Nasdaq was up 1.4% at 14,016.81, while the Russell 2000 small hat index was up 1.8% at 2,271.86.
Shares of Kimberly-Clark, the maker of Huggies pads and other consumer goods, fell the most since October after the company reported disappointing results.
Corporate earnings have been generally positive, but investors are weighing economic growth against the threat of an epidemic and concerns about tax policy changes.
Banks recorded strong profits as bond yields increased. This allows them to charge more interest on their loans. The 10-year treasury yield rose from 1.56% at the end of Friday to 1.57%.
Wall Street has been on a rally in recent weeks as the spread of COVID-19 vaccines, the US Federal Reserve’s massive support for economic data and the stimulus data range boost expectations of a stronger economy and sustained corporate profits. ,
About a quarter of S&P 500 companies reported quarterly results so far this profitability season. 84% of them earned the revenue that topped Wall Street estimates, according to FactSet.
Another is busy making a profit this week. 181 S&P 500 companies, including Tesla, Starbucks, Microsoft և Amazon.com, are preparing to report on the results.
Investors are also considering President Biden’s plans to introduce a tax on capital gains to help pay off increased government spending to recover from the epidemic. Bloomberg News reported the expected offer on Thursday afternoon, citing unknown sources.
Higher capital gains taxes will increase stock prices slightly in the long run, which may affect the overall market valuation. Although millions of Americans have their own pension funds in the stock market, most of the shares belong to the rich.
At the same time, the price of Bitcoin jumped 5.1% to $ 52,422.18. It fell about 2% to $ 50,675 on Friday, according to the control site CoinDesk. The cryptocurrency traded up to $ 63,000 last week.
New York Mercantile Exchange lost 21 cents at $ 61.93 a barrel in electronic trading on the New York Mercantile Exchange. It rose 71 cents to $ 62.14 a barrel on Friday. International Brent crude fell 99 cents to $ 65.12 a barrel.
The US dollar slipped from 107.93 yen to 107.71 Japanese yen. The euro rose to $ 1.2113 from $ 1.2094.