Asian shares mostly higher, Nikkei lifted after Nissan profit
Published Jul 28, 2014 09:57PM ET
Asian shares higher
Investing.com - Asian stocks rose on Tuesday as investors reacted to earnings news in Japan and Australia.
Japan's Nikkei 225 added 0.6% with Nissan Motor Co., Ltd. (TOKYO:7201) after it said its April to June quarter net profit rose 37% from a year earlier, helped by sales gains in North America, China and Europe.
Corporate earnings were also in focus in Sydney, where the S&P/ASX 200 was flat, lagging its regional peers. Sentiment in Sydney was hit by a profit warning from Qbe Insurance Group Ltd (ASX:QBE), which plunged 11.1% after it warned that its first-half insurance profit margin could be 7% to 8%, below the 10% expected by the market.
South Korea's KOSPI added 0.5%, sustained by the stimulus package announced last week.
Overnight, U.S. stocks came off earlier lows and ended mixed, with investors selling earlier on news of a disappointing pending home sales report though markets later shrugged off the data, which brought broader indices back into positive territory.
The Dow 30 rose 0.13%, the S&P 500 index rose 0.03%, while the NASDAQ Composite index fell 0.10%.
Stocks pushed lower earlier after the National Association of Realtors reported that U.S. pending home sales fell 1.1% in June, disappointing expectations for a 0.5% gain.
The data sent investors selling stocks ahead of the Federal Reserve's policy statement on Wednesday and the July jobs report due out on Friday.
Still, after comparing the report with upbeat durable goods, weekly jobless claims and new home sales reports from last week as well as a string of upbeat earnings, stocks climbed back into positive territory for the most part.
On Tuesday, the U.S. is to publish reports on house price inflation and consumer confidence.
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Written By: Investing.com
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