· Goldman Sachs says corporate earnings in Asia will grow at a slower pace in 2022
Timothy Moe of Goldman Sachs says corporate earnings growth in Asia will be “decent” in 2022, but not as strong as it was in 2021. The Wall Street bank forecasts earnings growth to be at 9% in 2022, and 10% in 2023.
· Stock futures little changed ahead of more retail earnings reports
· S&P 500 rises after strong retail data, Home Depot leads Dow higher
U.S. stocks gained on Tuesday after a strong October retail sales report and better-than-expected third-quarter results from Home Depot and Walmart signaled the U.S. consumer is still ramping up spending even in the face of rising prices.
The Dow Jones Industrial average added 54.77 points, or 0.15%, to 36,142.22. The S&P 500 gained 0.39% to 4,700.90, and the Nasdaq Composite rose 0.76% to 15,973.86. The major averages have been stuck in a rut in recent days after touching records earlier this month.
· Asia-Pacific stocks fall as Japan’s automaker shares slip; Baidu earnings ahead
Declines across Asia-Pacific stocks continued on Wednesday afternoon, as Japan’s exports growth hit an eight-month low. Markets in the U.S., however, were lifted on the back of stronger-than-expected retail sales data.
Australia and South Korea led losses in the region. In Australia, the S&P/ASX 200 fell nearly 1%. Financial stocks were lower, with the Commonwealth Bank of Australia leading losses as its shares plummeted more than 8%.
News in the region may help boost sentiment, after New Zealand’s Prime Minister announced that the country’s largest city Auckland will reopen its domestic borders from Dec. 15 for fully vaccinated people and those with negative Covid test results, according to a Reuters report.
South Korea’s Kospi was down nearly 1% as well.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.58%.
· Japanese shares end lower on weaker yen, rising cost worries
Japanese shares reversed course to end lower on Wednesday, as concerns over rising costs and a weaker yen outweighed strength in technology heavyweights tracking overnight Wall Street gains.
The Nikkei share average fell 0.4% to close at 29,688.33, while the broader Topix lost 0.6% to 2,038.34.
· China stocks close up as new energy shares boost
China stocks closed up on Wednesday, led by non-ferrous metals and new energy shares.
The blue-chip CSI300 index rose 0.1% to 4,885.75, while the Shanghai Composite Index gained 0.4% to 3,537.37 points.
· European markets mixed with inflation data, earnings on the agenda
European markets were muted on Wednesday as investors awaited inflation readings from the euro zone and continued to monitor corporate earnings releases.
The pan-European Stoxx 600 hovered around the flatline in early trade, with travel and leisure stocks dropping 1% while tech stocks gained 0.4%.
Reference: CNBC,Reuters
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