Asian shares extended gains Tuesday, buoyed by upbeat US earnings and indications that tensions between Washington and Beijing were easing.
A regional stock gauge topped its record close as most major Asian benchmarks advanced. Chinese shares gained at the open, while Japanese equities strengthened amid expectations Sanae Takaichi will become the nation’s first female prime minister. US equity futures rose after the S&P 500 and Nasdaq 100 each gained more than 1% Monday, while gold held near highs amid bubble concerns. Asian markets are finding fresh momentum after the S&P 500 logged its biggest two-day gain since June on Monday, with about 85% of companies beating profit estimates so far. Strong third-quarter earnings helped temper worries over the US government shutdown, while hopes of progress in US-China trade talks lifted sentiment. President Donald Trump reiterated his threat to follow through on a tariff hike on Chinese goods “if there isn’t a deal” by Nov. 1, but said he plans to meet President Xi Jinping next week. Earlier this month, markets were roiled as Trump raised the prospect of a sky-high tariff rate, citing China’s “hostile” export controls. Soybean futures rallied Monday, with growers holding out hope that Trump will make a deal with China to restart stalled American exports. Separately, shares of critical mineral producers jumped in Sydney on Tuesday after Trump signed an agreement with Australian Prime Minister Anthony Albanese to boost America’s access to rare earths and other key materials.
The Treasury 10-year yield traded below 4% and the dollar was steady early Tuesday as falling oil prices eased concern about the inflation backdrop before the release of consumer-price data. After a delay caused by the US government shutdown, the Bureau of Labor Statistics is set to release September’s consumer price index on Friday. The data, originally slated for Oct. 15, will give Federal Reserve officials a key reading on inflation ahead of their Oct. 30 policy meeting. The data may take on greater importance due to the government shutdown-driven data drought, said Rick Gardner at RGA Investments. He still sees a Fed cut in October and noted that a key test will be Big Tech earnings, with investors looking for clarity on how spending on artificial intelligence is leading to profitability. US After Hours CCK +8%, ZION +2.4% higher on earnings; DCGO +54.2% sharply higher after acquiring virtual care platform SteadyMD; BTSG -2.9% lower on guidance; STLD -0.6% ticks lower on earnings.
Nikkei +0.87% Hang Seng +1.65% CSI +1.53% Shanghai +1.20% Shenzen +1.63%
Eur$ 1.1654 CNH 7.1195 CNY 7.1180 JPY 151.08 GBP 1.3390 CHF 0.7933 RUB 90.9437 TRY 41.9512 WTI$ 57.38 -0.24% Gold -0.28% BTC 108,208 -2.62% ETH 3,872 -3.14%
S&P +0.04% Nasdaq +0.07% EuroStoxx +0.16% FTSE +0.26% Dax +0.16% SMI
Macro :
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Keep an eye on :
Keep an eye on :
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