Bangkok, Aug 5 (AP) – Asian markets climbed on Tuesday, mirroring gains in US stocks, which bounced back after sharp losses incurred last week.
Investors’ worries about President Donald Trump's tariffs affecting the economy appeared to ease, bringing more stability to Wall Street.
An unexpectedly weak US jobs report released on Friday boosted hopes that the Federal Reserve might lower interest rates in its upcoming September meeting, potentially benefiting markets.
This week, significant business releases will include earnings reports from major companies such as The Walt Disney Co., McDonald's, and Caterpillar, along with updates on business activity in the US.
In Asian markets, Tokyo's Nikkei 225 rose by 0.6% to 40,515.81, while South Korea’s Kospi increased by 1.4% to 3,192.57.
Hong Kong’s Hang Seng added 0.3% to reach 24,799.67, and the Shanghai Composite Index advanced by 0.5% to 3,602.13.
Australia's S&P/ASX 200 rose by 1.1% to 8,759.90, matched by Thailand’s SET, which also gained 1.1%.
India's Sensex was the exception, dropping by 0.5% due to concerns about trade tensions with the United States, especially as the Trump administration urged India to reduce its oil imports from Russia.
India reaffirmed its commitment to purchasing Russian oil, emphasizing a steady relationship with Moscow and the need to secure energy based on market availability and global conditions.
"Substantial tariff hikes threatened by Trump regarding Russian crude imports pose a significant challenge for India," noted Mizuho Bank in a recent analysis. “The economic headwinds from the US, combined with potential setbacks from lost Russian oil advantages, will undeniably be challenging to avoid.”
On Monday, the S&P 500 saw an increase of 1.5%, reaching 6,329.94, while the Dow Jones Industrial Average grew by 1.3%, or 585.06 points, achieving 44,173.64.
The Nasdaq Composite saw a rise of 2%, climbing to 21,053.58.
Idexx Laboratories fueled Wall Street's recovery, soaring by 27.5% following a report of better-than-expected spring profits.
US companies are under pressure to produce higher profits, with stock prices nearing record highs. Many leading US companies have exceeded expected earnings, providing stability to a US stock market that had been experiencing volatility.
Total stock price increases since the low point in April have drawn criticism that the market may be overpriced.
Tyson Foods also knocked market expectations out of the park with superior quarterly profit results, raising the company’s value by 2.4%. The brand behind Jimmy Dean and Hillshire Farms saw an uptick in stock prices.
Berkshire Hathaway faced a nearly 3% loss after it disclosed a year-on-year profit drop for the latest quarter, primarily because of reduced investment value in Kraft Heinz.
American Eagle Outfitters shot up by 23.6% as President Trump entered the ongoing discussion regarding advertisements featuring actor Sydney Sweeney’s jeans, which some critics claimed idealized narrow beauty standards. "Go get 'em Sydney!" Trump encouraged on his social media platform.
Wayfair surged by 12.7%, reporting more profit and revenue than anticipated, largely driven by accelerating growth in the spring.
Tesla went up by 2.2% after granting CEO Elon Musk 96 million shares of restricted stock valued at an estimated USD 29 billion, addressing concerns that Musk might depart the company.
In early Tuesday trade, the US benchmark crude oil fell by 9 cents to USD 66.20 per barrel, while Brent crude, the global benchmark, dipped by 8 cents to USD 68.68 per barrel.
The US dollar remained level at 147.09 Japanese yen. The euro slightly declined to USD 1.1555 from USD 1.1573. (AP)
(Only the headline of this report may have been reworked by Editorji; the rest of the content is auto-generated from a syndicated feed.)