Most Asian markets rise after Wall St record, earnings in focus

File: Both the Dow and S&P finished at new peaks on Friday and also posted their fourth consecutive weekly gains. AFP/Angela Weiss

NEW YORK - Asian markets mostly rose on Tuesday following fresh records on Wall Street, with healthy corporate earnings overshadowing ongoing concerns about inflation, while progress in Washington on Joe Biden's big-spending economic plans also provided support.

However, a fresh virus outbreak in China, where more than four million have now been put into lockdown, revived concerns about the world's number two economy and authorities' zero-Covid policies.

The S&P 500 and Dow both ended at new peaks, with tech firms lifted by a surge in electric car maker Tesla to the trillion-dollar mark ahead of the release of profit reports this week from business titans including Apple, Amazon, Microsoft and Twitter.

Facebook became the latest firm to unveil bumper earnings, posting a $9-billion profit in the third quarter and reinforcing optimism on trading floors following a string of reports that have seen upbeat commentary on consumer demand.

Tokyo led gains, piling on 1.8 percent, helped by reports that Japan's ruling Liberal Democratic Party will likely win a majority in the upcoming general election.

Sydney, Singapore, Seoul, Taipei, Manila, Mumbai, Bangkok and Jakarta also rose.

Hong Kong and Shanghai dropped following news that developer Modern Land had missed a bond payment in the latest sign of stress in China's property sector, with focus on an upcoming deadline for China Evergrande.

Reports that Evergrande had met obligations on a note at the end of last week, just before a Saturday cut-off, boosted sentiment but with several more to go before the year's end, there is a feeling the inevitable default is merely being delayed.

OANDA's Jeffrey Halley raised concerns about the possible impact of the latest Delta outbreak in China, with fears over fresh lockdowns as the country follows its zero-Covid strategy.

Source
AFP

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