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May 26, 2022, 11:56 p.m. EDT

Asian markets rise, encouraged by earnings and Wall Street’s rally

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By Associated Press

TOKYO — Asian shares gained Friday as investors cheered a strong set of earnings from retailers that has sent U.S. shares higher.

Japan’s benchmark Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -0.58% added 0.6% in early trading. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.87% gained 0.9% and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.81% jumped 0.8%. Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -1.18% surged 2.9%, while the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.66% edged up 0.5%. Stocks rose in Singapore /zigman2/quotes/210597985/delayed SG:STI -1.10% , Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -1.16% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX -0.56% .

“Improved risk sentiments in Wall Street, along with earnings outperformance from Alibaba and Baidu, may aid to fuel some upside for the Asia region into today’s session,” said Yeap Jun Rong, market strategist at IG in Singapore.

Shares of Alibaba /zigman2/quotes/201948298/composite BABA -2.37% /zigman2/quotes/207260464/delayed HK:1060 -1.92% and Baidu /zigman2/quotes/209050136/composite BIDU -0.06% /zigman2/quotes/201047207/delayed HK:9888 -1.77% have surged after they reported better than expected results, easing some concerns about the negative impact from restrictions to curb COVID-19 infections. Both shares continued to rise in early trading.

Gauging Japan’s economic path will be on investors’ minds as data on manufacturing, housing and employment for April are set to be released next week. Some analysts expect the numbers to be dim because of a slowdown in exports to China during that period.

But some optimism is also in the air, with  Tokyo’s restrictions on tourists easing  and the daily cap raising from 10,000 incoming people to 20,000 starting June 1. The Japanese government, led by Prime Minister Fumio Kishida, is also set to push ahead in parliamentary discussions with a supplementary budget, another possible plus for investors.

Wall Street ended broadly higher after seven straight weeks of declines, the longest such stretch since 2001.

Bond yields rose. The yield on the 10-year Treasury, which helps set  interest rates on mortgages , rose to 2.75% from 2.74% late Wednesday.

Roughly 90% of the stocks in the S&P 500 rose, with technology companies, banks and retailers driving much of the rally. While trading has remained choppy this week, the market has mostly pushed higher, unlike the past five weeks, when the S&P 500 had a pullback of 2% or more at least one day each week.

“It’s nice to see a couple days in the green, and this might actually end up being the first week when we don’t have a humongous down day,” said Liz Young, head of investment strategy at SoFi. “But I wouldn’t declare premature victory and assume we’re in the clear.”

The S&P 500 /zigman2/quotes/210599714/realtime SPX -1.72% rose 79.11 points, or 2%, to 4,057.84. The Dow /zigman2/quotes/210598065/realtime DJIA -1.62% added 516.91 points, or 1.6%, to 32,637.19, and the Nasdaq /zigman2/quotes/210598365/realtime COMP -1.80% rose 305.91 points, or 2.7%, to 11,740.65.

Inflation is at a four-decade high and businesses have been raising prices on everything from food to clothing to offset higher costs. The impact from  Russia’s invasion of Ukraine  worsened inflation pressures by fueling higher energy and key food commodity costs. Supply chain problems worsened in the wake of  China’s lockdown for several major cities  as it tried to contain COVID-19 cases.

Consumers have been resilient about spending, but the pressure from inflation remains persistent and could be prompting a pullback or shift in spending from more expensive things to necessities.

The broad gains on Thursday followed a late push for markets on Wednesday prompted by details from the Federal Reserve’s latest meeting, which confirmed expectations of  more interest rate hikes .

In energy trading, U.S. benchmark crude added 36 cents to $114.45 a barrel. U.S. crude oil prices rose 3.4% Thursday, and are up more than 55% for the year. Brent crude , the international standard, rose 45 cents to $117.85 a barrel.

In currency trading, the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.6856% inched down to 126.79 Japanese yen from 127.10 yen.

/zigman2/quotes/210597971/delayed
JP : Nikkei
27,153.83
-159.30 -0.58%
Volume: 0.00
Sept. 22, 2022 3:15p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,574.70
-125.50 -1.87%
Volume: 908,226
Sept. 23, 2022 5:05p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,290.00
-42.31 -1.81%
Volume: 446,460
Sept. 23, 2022 3:32p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
17,933.27
-214.68 -1.18%
Volume: 1.78M
Sept. 23, 2022 4:08p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,088.37
-20.54 -0.66%
Volume: 24.31B
Sept. 23, 2022 3:00p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,227.10
-35.97 -1.10%
Volume: 0.00
Sept. 23, 2022 5:20p
loading...
/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
14,118.38
-166.25 -1.16%
Volume: 0.00
Sept. 23, 2022 1:33p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
7,178.58
-40.32 -0.56%
Volume: 0.00
Sept. 23, 2022 3:00p
loading...
/zigman2/quotes/201948298/composite
US : U.S.: NYSE
$ 78.80
-1.91 -2.37%
Volume: 20.49M
Sept. 23, 2022 4:00p
P/E Ratio
43.42
Dividend Yield
N/A
Market Cap
$209.44 billion
Rev. per Employee
$518,515
loading...
/zigman2/quotes/207260464/delayed
HK : Hong Kong
$ 0.51
-0.01 -1.92%
Volume: 23.53M
Sept. 23, 2022 4:08p
P/E Ratio
66.23
Dividend Yield
N/A
Market Cap
$13.76 billion
Rev. per Employee
$3.32M
loading...
/zigman2/quotes/209050136/composite
US : U.S.: Nasdaq
$ 118.75
-0.07 -0.06%
Volume: 2.55M
Sept. 23, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$41.94 billion
Rev. per Employee
$419,080
loading...
/zigman2/quotes/201047207/delayed
HK : Hong Kong
$ 116.40
-2.10 -1.77%
Volume: 3.67M
Sept. 23, 2022 4:08p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$329.21 billion
Rev. per Employee
$3.27M
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,693.23
-64.76 -1.72%
Volume: 2.22B
Sept. 23, 2022 5:04p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
29,590.41
-486.27 -1.62%
Volume: 320.97M
Sept. 23, 2022 5:04p
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
10,867.93
-198.88 -1.80%
Volume: 5.19B
Sept. 23, 2022 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
143.3400
+0.9760 +0.6856%
Volume: 0.0000
Sept. 23, 2022 4:59p
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