TOKYO – Asian shares were mixed Friday, after Wall Street indexes posted modest gains, cheered by solid profits and forecasts from U.S. technology companies.
FILE – In this Sept. 18, 2019, photo stock prices are displayed at the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Thursday, Oct. 24. (AP Photo/Mark Lennihan, File)
Global uncertainties over the U.S.-China trade war and Brexit weighed on investor sentiments.
Japan’s benchmark Nikkei 225 inched up less than 0.1% in morning trading to 22,747.98. Australia’s S&P/ASX 200 gained 0.6% to 6,734.40. South Korea’s Kospi was little changed, inching down to 2,085.45. Hong Kong’s Hang Seng dipped 0.5% to 26,674.40, while the Shanghai Composite slipped 0.5% to 2,925.55.
Traders have braced for weaker results this earnings season amid concerns about the costly trade war between the U.S. and China, and increased signs of slowing economic growth worldwide. Earnings reports in the last couple of weeks have mostly exceeded Wall Street analysts’ modest expectations.
After moving sideways for much of the day, the S&P 500 added 5.77 points, or 0.2%, to 3,010.29. The index is now within 0.6% of its all-time high set July 26.
The Dow Jones Industrial Average dropped 28.42 points, or 0.1%, to 26,805.53. The Nasdaq, which is heavily weighted with technology stocks, climbed 66 points, or 0.8%, to 8,185.80.
The Russell 2000 index of smaller stocks slipped 2.67 points, or 0.2%, to 1,550.18.
“The past week saw most major share markets push higher helped by generally good U.S. earnings reports, benign geopolitical news and optimism that global recession will be avoided,” said Shane Oliver, chief economist at AMP Capital.
ENERGY:
Benchmark crude oil dipped 35 cents to $55.88 a barrel. It rose 26 cents to $56.23 a barrel Thursday. Brent crude oil, the international standard, lost 37 cents to $61.30 a barrel.
CURRENCIES:
The dollar was little changed, including up to 108.65 Japanese yen from 108.64 yen on Thursday. The euro weakened to $1.1103 from $1.1127. /gsg