Asian stocks climb after mixed tech results
Asian stocks eked out gains following mixed results from Wall Street tech companies and as traders prepare for next week’s US election and Federal Reserve rate decision.
Shares gained in Japan, but slipped in Australia and South Korea. US contracts advanced in Asia after the S&P 500 closed up 0.2% and the Nasdaq Composite rose to a record. In late US trading, Alphabet Inc. climbed more than 5% as the Google parent’s earnings beat estimates, while Advanced Micro Devices Inc. sank 7% amid a lackluster revenue forecast.
Treasury yields edged lower, while a Bloomberg gauge of the dollar’s strength snapped a three-day advance. Gold hit a fresh record early on Wednesday as Bitcoin traded near its all-time high.
In addition to risks posed by US events, traders in Asia are also preparing for potential market moves following the Bank of Japan’s decision on Thursday and a meeting by China’s top legislative body to be held Nov. 4-8, where further fiscal stimulus may be announced. Asia’s regional equity benchmark is set for its worst monthly performance in a year.
Investors “paid close attention and responded instantaneously to companies’ earnings reports in overnight trading,” said Michael McCarthy, market strategist at Moomoo Australia. “However, support for bonds, gold and crypto currencies point to risk-reducing diversification ahead of key market risk events next week.”
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