Asian stocks shrug off Saudi, Italian and Brexit worries
Shanghai shares posted strong gains while other bourses pared their losses
Sydney — Asian share markets pared early losses on Monday as Chinese stocks swung higher for a second session and helped offset political concern about Saudi Arabia, Italy and Brexit. Blue chips in Shanghai climbed 3.5% in early trade, extending Friday’s bounce on Beijing’s pledge of support for the economy and companies. That helped E-Mini futures for the S&P 500 halve their initial loss to be down 0.25%. MSCI’s broadest index of Asia-Pacific shares outside Japan turned around to edge up 0.2%. Japan’s Nikkei was off 0.2%, after being more than 1% down earlier, as were South Korean stocks. This week is the peak period of the US earnings season and companies reporting include Amazon, Alphabet, Microsoft and Caterpillar. Helped by a strong economy and deep corporate tax cuts, S&P 500 earnings per share are expected to grow 22% in the third quarter, according to IBES data from Refinitiv. "The season on an absolute basis will likely wind up being 'strong' and the vast majority of compan...
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