Asian shares showed mostly positive movements today following a boost in U.S. stock prices driven by strong earnings reports from major companies. Chinese markets saw gains after the government in Beijing announced plans to increase financing for housing projects in an effort to revive a property market facing challenges due to tightened borrowing rules for developers.
In Hong Kong, the Hang Seng index rose by 0.9% to 20,460.86, while the Shanghai Composite index inched up by 0.1% to 3,205.95. China is expected to release its economic growth data for the April-September quarter on Friday, with analysts forecasting growth of around 4.5%, below the government’s target of 5%.
Despite promises from China’s leaders to implement measures to support the economy, investors are awaiting details of substantial stimulus initiatives to address underlying issues such as local debt and weak consumer demand. Current plans are viewed as a gradual approach towards economic recovery rather than a quick fix.
Meanwhile, the Nikkei 225 index in Tokyo fell by 0.6% to 38,950.18 after Japan reported a 1.7% decline in exports in September, widening the country’s trade deficit. South Korea’s Kospi slipped by 0.2%, Australia’s S&P/ASX 200 added 0.6%, Taiwan’s Taiex gained 0.3%, and India’s Sensex was down by 0.3%. In Thailand, the SET index rose by 0.7% following a key interest rate cut by the central bank.
On the previous day, the S&P 500 increased by 0.5% to 5,842.47, recovering from a recent dip, while the Dow Jones Industrial Average set a new record of 43,077.70 after rising by 0.8%. The Nasdaq composite also saw a 0.3% increase to 18,367.08.
Major companies like Morgan Stanley, United Airlines, and J.B. Hunt Transport Services reported better-than-expected profits, leading to increased stock prices. Energy stocks, including Exxon Mobil, experienced stability, with oil prices reflecting concerns about Iran’s oil facilities and China’s economic growth.
At the close of trading, U.S. benchmark crude oil was up at $70.60 per barrel, while Brent crude stood at $74.41 per barrel. The dollar weakened slightly against the Japanese yen and the euro. The positive movements in Asian shares today reflect a mix of earnings reports, economic data, and global market trends influencing investor sentiment.