Asian Stocks Remain Steady as Tech Earnings and Rate Cues Awaited

Asian Stocks Remain Steady as Tech Earnings and Rate Cues Awaited

Investing.com– Most Asian stocks traded in a flat-to-low range on Tuesday, as investors remained on the lookout for results from some of the world’s biggest companies this week, while other indexes on yields American interests were also the center of attention.

Regional markets took positive signals from a strong overnight close on Wall Street, as U.S. stock indexes recovered from two straight weeks of losses. But this rebound appears to be fading, with US stock index futures falling slightly in Asian trading.

The rebound in Chinese stocks is running out of steam, other signals from the government are expected

Chinese stocks were the worst performers of the day, with the indexes falling 0.6% and 0.5% respectively.

The recent rebound in Chinese markets now appears to be running out of steam, especially as markets seek more assurances of recovery from Beijing.

Chinese markets rebounded strongly from a five-year low reached in late January, amid some signs of improvement in the Chinese economy and as Beijing maintained its pace of liquidity injections.

But momentum in Chinese stocks has slowed in recent sessions, as some economic figures from March showed growth slowing again. Beijing has also given little indication of further stimulus measures.

Strength in technology stocks helped support the Hong Kong index, which rose 1.1%. Video game giant Tencent Holdings Ltd (HK:) was the biggest riser on the index with a 3% jump, after the company released a long-awaited video game earlier this week.

JD (NASDAQ:).com (HK:) also jumped more than 4%, although it was not immediately clear what drove the rebound.

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Broader Asian markets traded in a tight range on Tuesday and continued to suffer heavy losses over the past two weeks, amid fears of higher and longer U.S. rates and weak risk appetite.

The Japanese one was flat, just like the Japanese one. Both indices hardly benefited from April’s positive data.

Australia’s rose 0.4%, somewhat supported by strong April PMI figures, which showed the country was close to expansion territory.

The Australian for the first quarter is expected on Wednesday.

South Korea’s index rose slightly, while Indian index futures indicated some strength.

Markets await major technology results and economic data in the United States

Markets were now awaiting results from some of Wall Street’s biggest companies. Four of the so-called “Magnificent Seven” stocks are expected to report this week, with Tesla Inc (NASDAQ:) due later on Tuesday.

Facebook owner Meta Platforms Inc (NASDAQ:) will report earnings on Wednesday, while Microsoft Corporation (NASDAQ:) and Google parent Alphabet Inc (NASDAQ:) will report results on Thursday.

Beyond earnings reports, there is also a focus on data, which is the Federal Reserve’s preferred inflation indicator. The release is expected on Friday and is expected to largely influence the interest rate stance.



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