Tokyo, July 20 (AP): Global shares are mixed as investors digest a slew of profit reports while keeping an eye on the latest inflation data.
France’s CAC 40 gained 0.3 per cent in early trading to 7,345.07. Germany’s DAX rose 0.2 per cent to 16,143.18. Britain’s FTSE 100 added 0.6 per cent to 7,636.32.
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The future for the S&P 500 slipped 0.2 per cent while that for the Dow Jones Industrial Average was up less than 0.1 per cent.
On Wednesday, Wall Street advanced on strong profit reports from banks and other big US companies.
The S&P 500 rose 0.2 per cent and has rising nearly 19 per cent this year. It’s at its highest level in more than 15 months. The Dow industrials gained 0.3 per cent and the Nasdaq composite edged up less than 0.1 per cent.
The earnings reporting season is picking up momentum in its second week. Analysts are forecasting a third straight quarter of weaker earnings per share for S&P 500 companies, but that low bar makes it easier for companies to top expectations.
Netflix reported that its subscriber base grew while profit was weaker than forecast. Its shares sank 6.9 per cent in pre-market trading.
Tesla’s results, although positive, also proved disappointing. Its shares were down 3 per cent in pre-market trading.
Japan reported Thursday that it logged a trade surplus in June for the first time in nearly two years as imports sank nearly 13 per cent, largely due to lower oil prices and a weak Japanese yen.
Exports rose only 1.5 per cent from a year earlier despite sharp increases in shipments of vehicles as supply chain problems eased. Economists say they anticipate weaker exports in coming months as demand in other major economies slows.
Japan’s benchmark Nikkei 225 declined 1.2 per cent to 32,490.52. Australia’s S&P/ASX 200 added less than 0.1 per cent to 7,325.00. South Korea’s Kospi edged down 0.3 per cent to 2,600.23. Hong Kong’s Hang Seng fell 0.1 per cent to 18,928.02, while the Shanghai Composite shed 0.9 per cent to 3,169.52.
The tepid results for Netflix and Tesla may have made Asian investors cautious, Stephen Innes, managing partner at SPI Asset Management, said in a commentary.
“But with inflation easing and odds for a soft landing rising, investors may adopt an it could have been worse mood,” Innes added.
In other trading, benchmark US crude added 11 cents to USD 75.40 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 9 cents to USD 79.55 a barrel.
The US dollar fell to 139.53 Japanese yen from 139.68 yen. The euro cost USD 1.1213, up from USD 1.1204.
