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Asian stocks mixed after Wall Street surges for Day 5 – San Bernardino Sun

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By JOE McDONALD

BEIJING (AP) – Asian stock markets were mixed on Wednesday after Wall Street rose for a fifth day on strong corporate earnings.

Shanghai and Seoul, South Korea, fell while Tokyo and Hong Kong rose.

Wall Street’s benchmark S&P 500 rose 0.7%, propelled by health and tech stocks.

Asian markets “were in positive territory” as the region “builds on protracted gains on Wall Street after encouraging results,” ActivTrades’ Anderson Alves said in a report.

Also on Wednesday, investors watched for inflation updates from Britain and some other European governments. Higher inflation could force central banks to act sooner than expected to raise interest rates and reverse other economic stimulus measures.

The Shanghai Composite Index lost 0.4% to 3,578.59 and the Tokyo Nikkei 225 gained 0.2% to 29,269.51. The Hang Seng in Hong Kong gained 0.9% to 26,020.33.

Seoul’s Kospi was down 0.1% to 3,024.79 while Sydney’s S & P-ASX 200 was up 0.8% to 7,432.70.

New Zealand and Singapore are advancing while Bangkok is falling.

On Tuesday, the S&P 500 hit 4,519.63, 0.4% off its all-time high on September 2.

The Dow Jones Industrial Average gained 198.70 points to 34,457.31. The Nasdaq composite rose 107.28 points to 15,129.09.

Johnson & Johnson, the largest maker of health care products, rose 2.3% after posting strong quarterly earnings and raising its profit guidance for the year.

Apple Inc. rose 1.5% and software maker Adobe 2.1%.

Investors fear that disruptions to supply lines and shipments due to the coronavirus pandemic could lower corporate profits or push up inflation.

Procter & Gamble fell 1.2% after announcing it would raise prices amid rising raw material and freight costs.

Overall, however, analysts polled by FactSet are forecasting earnings growth of 30% for the S&P 500, up from 23% in June.

Exxon Mobil rose 1.5% on higher oil prices. US crude is up 73% for the year, while natural gas prices are up 81%.

Soaring energy prices are raising concerns that tight supply could dampen economic recovery.

Also on Tuesday, the Commerce Department reported that US homebuilding fell 1.6% in September. Beazer Homes fell 2.7% and Hovnanian Enterprises fell 3%.

In energy markets, benchmark US crude fell 52 cents to $ 81.92 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the basis of international oil prices, fell 57 cents to $ 84.51 a barrel in London.

The dollar rose to 114.51 yen from 114.31 yen on Tuesday. The euro remained stable at $ 1.1640.

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