Asian markets show mixed reactions amid US corporate earnings slump
2023.10.26 00:48
© Reuters.
Asian markets demonstrated mixed responses today, as Australian, South Korean, and Japanese stocks fell, while Chinese and Hong Kong equity futures indicated early gains. This came in the wake of a slump in U.S. shares triggered by disappointing corporate earnings from Meta (NASDAQ:) Inc., Alphabet (NASDAQ:) Inc., and Texas Instruments (NASDAQ:) Inc. These underwhelming performances led to a 2.5% dip in the and over a 2% drop in the Golden Dragon index.
Beijing’s economic stimulus measures appeared to bolster Chinese and Hong Kong equity futures. In contrast, India’s GIFT Nifty experienced a slight decline of seven points or 0.03%, landing at 19,186 post-Dussehra amid the ongoing Israel-Hamas conflict. This marked the fifth consecutive day of decline for India’s stock indices.
The sectors under pressure included media, IT, realty, and healthcare, while metals showed signs of advancement. The Indian rupee remained stable at 83.19 against the U.S. dollar.
In other financial news, the 10-year U.S. bond yield was recorded at 4.95%. maintained its position above $34,000, while traded above $90 a barrel, and surpassed the $85 mark.
Intraday Nifty and Sensex hit their lowest since June at 19,074.15 and 63,912.16 respectively, ending the trading day at these lowest levels.
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