Tuesday, June 6, 2023

Asia markets mostly rise as Wall Street’s earnings season continues

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SHANGHAI, CHINA – MARCH 7, 2023 – The Oriental Pearl Tower, Shanghai Tower, Jinmao Tower and World Financial Center are seen on Lujiazui Street, Shanghai, China, March 7, 2023.

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Asia-Pacific traded higher on Monday, as investors looked ahead to another major earnings week on Wall Street, including the likes of Charles SchwabBank of America and Morgan Stanley.

The quarterly earnings reports would shed light into the overall health of the financial sector in the U.S. following the collapse of Silicon Valley Bank and how that would shape the U.S. Federal Reserve’s tightening cycle.

In mainland China, the Shanghai Composite traded 1.21% higher ahead of China’s gross domestic product report on Tuesday. The Shenzhen Component rose 0.34% as Hong Kong’s Hang Seng index climbed 1.47%.

Economists polled by Reuters expect to see a 4% rise year-on-year for the first quarter of 2023, higher than the final quarter of last year. That would mark the biggest rise in nearly a year.

In Australia, the S&P/ASX 200 was up 0.27% to close at 7,381.5, extending its performance from last week’s gain of nearly 2% with all 11 sectors finishing the week higher. In Japan, the Nikkei 225 inched up 0.07% to end at 28,514.78 and the Topix rose 0.41% finish at 2,026.97.

South Korea’s Kospi erased earlier losses and gained 0.17%, ending Monday at 2,575.91 and the Kosdaq closed 0.63% higher at 909.5.

U.S. stocks ended Friday’s trading session all lower as the market entered its earnings season. The Dow Jones Industrial Average about 0.42%, while the S&P 500 fell 0.21% and the Nasdaq Composite slid 0.35% to end the week

— CNBC’s Sarah Min and Alex Harring contributed to this report

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