Asian shares rise before “profit season”
Asian stocks move upwards before companies begin to announce profit figures
Along with the US and European index futures, stocks traded in Asian markets moved upwards before the start of the profit season, which could give new signs of firms’ struggle with the coronavirus pandemic.
Japan stocks rose 2 percent, outperforming others. While moderate increases were seen in Hong Kong, South Korea, and Australia, Chinese stocks continued this move after the strong rise of last week. Standard & Poor’s 500 (S&P 500) index futures rose slightly as investors expected banks to announce profit statements.
As global stocks have hovered near their highest since February, investors are looking at what their company has to say about their profit outlook. In some parts of the world, the revival of the coronavirus epidemic leads to the reintroduction of partial restrictions, which raises concerns about global growth.
“We think that company profits will likely recover in the second half of the year and we will continue to support excess liquidity risk assets in the market, we think it might be a move,” said Julie Fox of UBS private Wealth Management.
- S & P 500 index futures were 0.5 percent higher at 11:50 am Tokyo time. The Sport index closed above 1.1 percent on Friday.
- Japan’s Topix Index rose 2 percent.
- Hang Seng Index climbed 0.4 percent in Hong Kong.
- Shanghai Composite Index rose 0.7 percent in China.
- Kospi Index jumped 1.3 percent in South Korea.
- AS & P / ASX 200 Index rose 0.8 percent in Australia.