Asia stocks mixed with earnings focus
Investing.com
Published Apr 29, 2014 02:45AM ET
Asia stocks end mixed as investors weigh earnings
Investing.com - Asian stock markets were mixed in light holiday trade on Tuesday, as investors digested a flurry of corporate earnings reports.
During late Asian trade, Hong Kong's Hang Seng inched up 0.15%, China’s Shanghai Composite rose 0.6%, Australia’s S&P/ASX 200 closed 0.89% lower.
Trade volumes remained thin, with markets in Japan closed for a holiday
Markets in mainland China and Hong Kong rebounded from a one-month low struck in the previous session as investors weighed corporate earnings.
China Petroleum & Chemical Corporation, or Sinopec Corp (0386.HK), slumped 1.5% after the oil giant reported lower than expected first quarter earnings.
China Merchants Bank (3968.HK) declined 1.6% after the lender posted disappointing first quarter earnings.
Meanwhile, in Australia, the ASX/200 Index ended lower in subdued trade as losses in the mining sector weighed on the benchmark index.
Gold producers Newcrest Mining (NCM.ASX) and Kingsgate Consolidated (KCN.ASX) dropped 3.1% and 4.1% respectively, while Fortescue Metals Group (FMG.ASX) and Atlas Iron (AGO.ASX) slumped 2.4% and 2.1%.
Looking ahead, European stock market futures pointed to a modestly higher open. The Euro Stoxx 50 futures pointed to a gain of 0.4%, France’s CAC 40 futures rose 0.1%, London’s FTSE 100 indicated a gain of 0.2%, while Germany's DAX futures added 0.6%.
Germany is to release preliminary data on consumer price inflation later in the day, while Spain is to release data on the unemployment rate.
Across the Atlantic, U.S. equity markets also pointed to a firm open. The Dow 30 futures pointed to a gain of 0.25%, S&P 500 inched up 0.3%, while the Nasdaq 100 indicated a rise of 0.35%.
Market players continued to monitor events in Ukraine, as hostilities between Kiev and Russia remain high. The U.S. and European Union imposed fresh sanctions against Russia on Monday.
Traders are now looking ahead to the Federal Reserve’s monetary policy statement due on Wednesday. The central bank is likely to stick to its timetable to trim its monthly bond purchases by another $10 billion.
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Written By: Investing.com
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