Asian stocks rise as robust earnings from US companies ease traders’ concerns
Tokyo — Asian stocks rose on Thursday as robust corporate earnings helped Wall Street quell the concern about the surge in US bond yields, while the dollar hovered near three-and-a-half-month highs against a basket of currencies. MSCI’s broadest index of Asia-Pacific shares outside Japan bounced back from three-week lows plumbed the previous day and gained 0.35%. South Korea’s Kospi climbed 1.2%, with tech shares buoyed after Samsung Electronics posted a record quarterly profit. Australian stocks edged up 0.2% and Japan’s Nikkei rose 0.7%. Shanghai bucked the trend and slipped 0.3%. The Dow rose 0.25% overnight, ending a five-day losing streak, and the S&P 500 gained 0.18% on optimism over a spate of upbeat earnings that managed to offset jitters over rising US bond yields. The spike to a four-year peak above 3% in the 10-year US treasury yield this week — a benchmark for global borrowing costs — had weighed on stocks amid the concern rising corporate borrowing costs could dampen pr...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.