Asian stocks mixed after Wall Street rally for Day 5

Asian stocks mixed after Wall Street rally for Day 5

Asian markets took their “cue from extended gains on Wall Street following encouraging earnings results,” said Anderson Alves of ActivTrades in a report. Also Wednesday, investors watched for inflation updates from Britain and some other European governments. Higher inflation may force central banks to act sooner than planned on hiking interest rates and rolling back other economic stimulus.

Shanghai, Tokyo, Hong Kong and Sydney advanced. Seoul declined. Wall Street’s benchmark S&P 500 index rose 0.7%, propelled by health care and tech stocks. The Shanghai Composite Index advanced less than 0.1% to 3,594.38 and the Nikkei 225 in Tokyo gained 0.2% to 29,287.16. The Hang Seng in Hong Kong rose 1.3% to 26,125.96.

The Kospi in Seoul shed 0.3% to 3,020.18 while Sydney’s S&P-ASX 200 advanced 0.7% to 7,426.00. India’s Sensex opened less than 0.1% higher at 61,755.11. New Zealand and Southeast Asian markets advanced.

On Tuesday, the S&P 500 rose to 4,519.63, within 0.4% of its Sept. 2 all-time high. BusinessAsian stocks mixed after Wall Street rises for 5th dayStudy: Fossil fuel plans would far overshoot climate goals Credit Suisse faces penalties over Mozambique loan dealsFlooding in Venice worsens off-season amid climate change The Dow Jones Industrial Average gained 198.70 points to 34,457.31. The Nasdaq composite rose 107.28 points to 15,129.09.

Johnson & Johnson, the biggest maker of health products, rose 2.3% after reporting strong quarterly earnings and raising its profit forecast for the year. Apple Inc. rose 1.5% and software maker Adobe gained 2.1%. Investors worry disruptions to supply lines and shipping due to the coronavirus pandemic may depress corporate profits or push up inflation.

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