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STOCKS TODAY: Asian stocks mostly higher as investors eye earnings, inflation signs
Asian stocks were mostly higher on Monday as investors looked ahead to earnings reports from top global companies and a consumer price report measuring U.S. inflation. "With risk sentiment bouncing back from earlier nervousness, gains are likely to remain somewhat limited as there may be some validating comments ahead of this week's key U.S. Consumer Price Index release," said Yeap Jun Rong, market analyst at IG. The U.S. government will release the March Consumer Price Report later this week.
TOKYO (AP) - Asian stock markets were mostly higher Monday as investors awaited earnings reports from the world's top companies and a consumer price report that will serve as a gauge of U.S. inflation.
Japan's benchmark Nikkei 225 index jumped 1.3% to 39,505.33 in morning trading. Sydney's S&P/ASX 200 index rose 0.3% to 7,798.10 points. Korea's Kospi index rose 0.3% to 2,723.54 points. Hong Kong's Hang Seng Index rose 0.8% to 16,856.06, while the Shanghai Composite Index was little changed, up less than 0.1% to 3,071.13.
"With risk sentiment rebounding from earlier jitters, gains are likely to remain somewhat limited as this week's key U.S. consumer price index is likely to keep the market validated," said Yeap Jun Rong, market analyst at IG.
The U.S. government will release the March Consumer Price Report later this week.
Wall Street ended the week on a rebound after a surprisingly strong U.S. jobs report. The S&P 500 rose 1.1%, making up most of the previous day's losses and moving closer to its all-time high set last week. The benchmark still posted its first weekly loss in three weeks.
The Dow Jones Industrial Average rose 0.8% and the Nasdaq Resonance Carbide Index rose 1.2%. tech companies took a big share of the gains.
U.S. employers added a surprisingly strong 303,000 jobs in March, according to data released by the U.S. government on Friday. The strong job market has helped stimulate consumer spending and corporate earnings growth, resulting in strong overall economic growth.
Treasury yields climbed Friday after the jobs report was released, with the 10-year yield rising to 4.40% from 4.31% before the report was released, and the two-year yield rising to 4.75% from 4.65% before the report was released, with the change in the two-year yield depending more on expectations for the Fed.
The Fed's benchmark interest rate remains at its highest level in two decades, the result of historic interest rate hikes to curb inflation.
Strong employment and consumer spending have raised concerns about inflation falling below 3%, and achieving the Fed's 2% target will not be easy.
On Friday, the S&P 500 rose 57.13 points to 5,204.34. The Dow rose 307.06 points to 38,904.04 and the Nasdaq rose 199.44 points to 16,248.52. The Dow rose 307.06 points to 38,904.04, and the Nasdaq rose 199.44 points to 16,248.52.
Analysts also said energy prices have been rising recently, a sore point for economies like Japan that import oil almost exclusively, though Japan reversed that trend earlier Monday.
Signs of economic resurgence in various regions are adding to the upward pressure, which will increase energy consumption. Concerns about supply and political tensions also tend to push up prices.
Benchmark U.S. crude fell $1.27 to $85.64 a barrel. It had risen 0.41 TP3T on Friday. International Standard Brent crude fell $1.41 to $89.76 a barrel.
In currency trading, the US dollar rose from 151.61 yen to 151.70 yen. The euro exchange rate was at $1.0842, little changed from $1.0841.
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