Asian Shares Up however Cautious Because of U.S. Financial Knowledge, Earnings By Investing.com

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From Gina Lee

Investing.com – Asia Pacific stocks were largely up on Friday morning but ended the week cautious as investors digested the latest US economic data and earnings.

South Korea was up 0.22% through 9:56 p.m. ET (1:56 a.m. GMT) and Australia was up 0.04%. Hong Kong’s index fell 0.65%

China lost 0.34% while the plus rose 0.33%. Didi Global Inc. (NYSE 🙂 was put to the test after the controversial US IPO in June 2021 to punish the ridesharing company.

Japanese markets were closed for a public holiday ahead of the Tokyo Olympics opening ceremony later that day. In an unprecedented step, however, the event will take place without spectators due to the state of emergency in the country.

US stocks climbed to an all-time high, posting their largest three-day rise since April 2021, and closing on a record.

Longer-term US Treasuries broke a two-day decline, with strong demand for an auction of ten-year inflation-linked securities generating record low returns.

Investors also digested recent corporate earnings, where technology companies like Microsoft Corporation . (NASDAQ 🙂 rebounded while cyclical stocks lagged. Twitter Inc . (NYSE 🙂 Stocks rose with a positive outlook, however Intel Corp. The share of. (NASDAQ 🙂 fell on a lower than expected sales forecast.

Global stocks are expected to end the week with modest gains, with investors regaining risk appetite thanks to generally strong corporate earnings and assurances that central banks will maintain their cautious stance on monetary policy.

However, the decline in benchmark 10-year US Treasury bond yields in July could be a signal that economic growth is peaking as the number of COVID-19 cases with the Delta variant continues its upward trend and more countries become restrictive Force action.

The US is “at another crucial moment in this pandemic,” said Rochelle Walensky, director of the Centers for Disease Control and Prevention, as the number of daily cases with the variant continues to rise in unvaccinated parts of the population.

“One of the most underrated things about the stock markets right now is how much those earnings have risen and how much analysts have had to revise their earnings estimates upwards.” Wells Fargo (NYSE 🙂 Tracie McMillion, director of global asset allocation strategy for the Investment Institute, told Bloomberg. She added that if it impacts consumer behavior and the recovery shift from “great to really good,” it is pursuing the delta option.

Investors also digested the latest economic data, which came in last week at 419,000, higher than expected. With 368,000 claims filed in the previous week and 350,000 claims forecasts from Investing.com, the number was at a two-month high.

The data also said it rose to 5.86 million in June for the first time in five months. The July US and purchasing managers indices also mature later in the day.

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