This week sees the release of earnings from some big-name US firms including Coca-Cola, Tesla and Intel (ANTHONY WALLACE) <\/p>\n
Asian markets were mixed Thursday as traders kept an eye on earnings from Wall Street titans this week while tracking US trade talks just over a week before the deadline for a deal.<\/p>\n
Japanese stocks edged up and the yen held gains after Prime Minister Shigeru Ishiba said he will stay in power despite the weekend election debacle.<\/p>\n
Investors took a more cautious path after a largely positive day on Wall Street, where the S&P ended above 6,300 points for the first time and the Nasdaq chalked up yet another record.<\/p>\n
Equities continue to rally on expectations key trading partners will strike agreements with Washington before August 1 to avoid Donald Trump’s sky-high tariffs, with the US president saying several deals were close. Just three have been struck so far.<\/p>\n
His press secretary Karoline Leavitt said more could be reached before next Friday but also warned the president could unveil fresh unilateral tolls in that time.<\/p>\n
While Trump’s initial tariff bombshell on April 2 rattled global markets before he delayed introducing the measures twice, they have seen more muted reactions to successive threats as traders expect him to eventually row back again.<\/p>\n
That optimism has been helped by data indicating the US economy remained healthy despite the imposition of other levies that are beginning to be felt on Main Street.<\/p>\n
And SPI Asset Management’s Stephen Innes warned traders could be in for a shock next week.<\/p>\n
“The new tariff regime isn’t being priced — full stop,” he wrote.<\/p>\n
“Markets have seen this movie before: tough talk, last-minute extensions, and deal-making in overtime. But this time, Trump isn’t bluffing. He’s already posted ‘No extensions will be granted’.<\/p>\n
“The new rates — 30 percent on the EU, 35 percent on Canada, 50 percent on Brazil — are politically loaded and economically radioactive. If they go live, there’s no soft landing.”<\/p>\n
Hong Kong has been the standout in Asia this year, piling on around a quarter thanks to a rally in Chinese tech firms and a fresh flow of cash from mainland investors.<\/p>\n
And the Hang Seng Index continued its advance Tuesday, with Shanghai, Sydney and Taipei also up.<\/p>\n
There were losses in Singapore, Seoul, Wellington and Manila.<\/p>\n
Tokyo rose as investors returned from a long weekend to news that Ishiba would remain in power even after his ruling coalition lost its majority in Japan’s\u00a0lower house elections Sunday, months after it suffered a similar fate in the upper house.<\/p>\n
His refusal to leave helped the yen push higher against the dollar and other peers, though observers warned the government’s tenure remained fragile and investors remained nervous.<\/p>\n
Story Continues <\/p>\n
The yen strengthened to 147.08 Tuesday before paring some of the gains. That compares with 148.80 Friday.<\/p>\n
But Franklin Templeton Institute’s Christy Tan said that “Ishiba now faces heightened political headwinds, including pressure over inflation, taxes, and US trade talks”.<\/p>\n
Focus also turns this week to earnings from some of the world’s biggest names, including Tesla, Google-parent Alphabet, General Motors, Intel and Coca-Cola.<\/p>\n
While there will be plenty of attention given to the results, the firms’ guidance will be key as investors try to gauge companies’ pulses in light of Trump’s trade war.<\/p>\n
– Key figures at around 0230 GMT –<\/p>\n
Tokyo – Nikkei 225: UP 0.2 percent at 39,892.81 (break)<\/p>\n
Hong Kong – Hang Seng Index: UP 0.3 percent at 25,074.15<\/p>\n
Shanghai – Composite: UP 0.1 percent at 3,563.59<\/p>\n
Dollar\/yen: UP at 147.50 yen from 147.42 yen on Monday<\/p>\n
Euro\/dollar: UP at $1.1690 from $1.1688<\/p>\n
Pound\/dollar: DOWN at $1.3484 from $1.3485<\/p>\n
Euro\/pound: UP at 86.69 pence from 86.68 pence<\/p>\n
West Texas Intermediate: DOWN 0.7 percent at $66.70 per barrel<\/p>\n
Brent North Sea Crude: DOWN 0.9 percent at $68.62 per barrel<\/p>\n
New York – Dow: FLAT at 44,323.07 (close)<\/p>\n
London – FTSE 100: UP 0.2 percent at 9,012.99 (close)<\/p>\n
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