Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

ASIA MARKETS: Asian Markets Little Changed As China's Economy Holds Steady

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/16/2019 | 11:06pm EDT

By Associated Press and Marketwatch

Indexes in Japan, Shanghai edge higher after Wall Street's rebound

TOKYO -- Asian stocks were mixed in a narrow range Wednesday as China announced its economy grew at a 6.4% annual pace in the last quarter.

Japan's Nikkei 225 index gained 0.3% and the Shanghai Composite edged 0.1% higher. Hong Kong's Hang Seng index was almost unchanged while the S&P/ASX 200 in Australia lost 0.2%. South Korea's Kospi dipped fractionally, and shares rose in Taiwan and Singapore .

Among individual stocks, Rakuten surged as the e-commerce giant let users register accounts for its upcoming cryptocurrency exchange. Toyota also rose while SoftBank Group fell. Food processor WH Group gained in Hong Kong, while CSPC Pharmaceutical and Sino Biopharmaceutical slid. LG Electronics slumped in Korea while Taiwan Semiconductor rallied in Taiwan. In Australia, paint maker DuluxGroup skyrocketed after its board said it supports a $2.7 billion takeover bid (https://www.reuters.com/article/us-duluxgroup-m-a-nippon-paint-hd/nippon-paint-offers-2-7-billion-bid-for-australias-duluxgroup-target-shares-soar-idUSKCN1RT031)from Japan's Nippon Paint .

China's 6.4% growth rate for January-March beat analysts' expectations and was in line with Beijing's official annual target for a 6-6.5% expansion, and suggests government efforts to halt a slowdown are working.

Meanwhile, Japan released trade data for March showing its exports fell 2.4% from a year earlier, while the trade surplus sank 33%.

On Wall Street, stocks closed slightly higher Tuesday, erasing modest losses from the day before. The gains followed a rally in overseas stock indexes and came as investors sized up the latest batch of company earnings reports.

Financial stocks led the way higher as bond yields rose, which drives interest rates higher, enabling banks to make more money on loans. BlackRock and Progressive led the sector after each company reported solid quarterly results.

Qualcomm powered technology sector stocks higher, gaining 23.2% in its best day in 20 years, on news the chipmaker and Apple had settled their bitter legal dispute centered on some of the technology that enables iPhones to connect to the internet. The deal requires Apple to pay Qualcomm an undisclosed amount. It also includes a six-year licensing agreement that likely involves recurring payments to the mobile chip maker.

Companies that posted encouraging results helped put traders in a buying mood Tuesday.

The S&P 500 rose 0.1% to 2,907.06. The Dow Jones Industrial Average gained 0.3% to 26,452.66. The Nasdaq composite added 0.3% to 8,000.23. The index had not closed above 8,000 points since October.

But analysts expect first-quarter results for S&P 500 companies overall to be the weakest in nearly three years.

"The markets are prepared for this year-over-year decline that everyone is expecting in earnings," said Erik Davidson, chief investment officer at Wells Fargo Private Bank. "Unless we have some significant misses, we should be doing OK."

The yield on the 10 year Treasury note rose to 2.59% from 2.55% late Monday. The 10 year Treasury yield has been climbing since late last month, when it fell to 2.37% amid a crescendo of worries that global economic growth was slowing.

Benchmark U.S. crude oil rose gained 28 cents to $64.33 per barrel in electronic trading on the New York Mercantile Exchange. It gained 1% to settle at $64.05 per barrel on Tuesday. Brent crude , the international standard, added 8 cents to $71.80 per barrel. It picked up 0.8% to close at $71.72 per barrel in London.

   The dollar   was unchanged at 112.01 Japanese yen. 
 

Stocks mentioned in the article
ChangeLast1st jan.
APPLE -1.52% 195.57 Delayed Quote.23.98%
BLACKROCK INC. -1.09% 458.36 Delayed Quote.16.68%
CHINA-SHANGHAI COMP -0.87% 2982.07 End-of-day quote.19.38%
CSPC PHARMACEUTICAL GROUP LTD -2.27% 12.04 End-of-day quote.6.93%
DJ INDUSTRIAL -0.67% 26548.22 Delayed Quote.13.81%
DULUXGROUP LIMITED 0.11% 9.33 End-of-day quote.42.07%
HANG SENG -1.19% 28147.46 Real-time Quote.8.91%
KOSPI COMPOSITE INDEX -0.26% 2120.99 Real-time Quote.3.89%
LG ELECTRONICS INC. End-of-day quote.
NASDAQ 100 -1.70% 7591.536333 Delayed Quote.22.01%
NASDAQ COMP. -1.51% 7884.71662 Delayed Quote.20.65%
NIKKEI 225 -0.52% 21176.13 Real-time Quote.6.35%
NIPPON PAINT HOLDINGS CO LTD 0.24% 4185 End-of-day quote.14.66%
PROGRESSIVE CORPORATION -1.00% 79.56 Delayed Quote.31.87%
QUALCOMM -0.83% 72.55 Delayed Quote.27.48%
RAKUTEN INC -0.85% 1282 End-of-day quote.79.80%
S&P 500 -0.95% 2917.38 Delayed Quote.17.49%
S&P/ASX 200 -0.11% 6650.6 Real-time Quote.18.05%
SINO BIOPHARMACEUTICAL LIMITED -0.51% 7.82 End-of-day quote.51.26%
SOFTBANK GROUP CORP -50.52% 5099 End-of-day quote.-27.21%
TAIWAN SEMICONDUCTOR MFG. CO. LTD. End-of-day quote.
TOYOTA MOTOR CORP -0.63% 6651 End-of-day quote.7.62%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Markets"
12:33aSOUTHEAST ASIAN STOCKS : Most markets slip as Fed curbs dovish enthusiasm
RE
12:15aOil prices jump as U.S. crude stocks fall, Middle East worries add support
RE
06/25ASIA MARKETS: Asian Markets Quiet On Lowered Expectations For Fed Rate Cut, U.S.-China Trade Deal
DJ
06/25Asia stocks retreat after Fed tempers aggressive rate cut expectations
RE
06/25WALL STREET STOCK EXCHANGE : Trump-Xi meet, Iran tension to overshadow G20 summit in Japan
RE
06/25Energy Stocks Diverge From Oil Prices--Update
DJ
06/25WALL STREET STOCK EXCHANGE : U.S. Stocks Fall Amid Fed Comments; Tech Slides
DJ
06/25Gold soars to six-year high, stocks slide after Powell speech
RE
06/25Gold soars to six-year high, stocks slide after Powell speech
RE
06/25Gold soars to six-year high, stocks slide after Powell speech
RE
Latest news "Markets"
Advertisement