Asian shares down as Alibaba's slide reignites China worries
Asian shares fell on Friday as disappointing earnings from Chinese e-commerce giant Alibaba heightened worries about Beijing's broad regulatory crackdown and slowing growth in the world's second-biggest economy.
That saw the region lag a solid Wall Street performance overnight, with MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) off 0.44% and set for a weekly decline of 1.2%.
· · Australia shares end higher, post second straight weekly loss
The S&P/ASX 200 index (.AXJO) rose 0.23% to close at 7,396.5 points.
· Hong Kong’s Hang Seng slips as Alibaba shares drop 10% after disappointing earnings
The benchmark Hang Seng index declined 1.72% while the tech-focused Hang Seng tech index dropped 1% in afternoon trade.
Mainland Chinese stocks rose: The Shanghai composite was up 0.59%, while the Shenzhen component jumped 0.67%.
In Japan, the benchmark Nikkei 225 rose 0.5%, while the Topix was up 0.44%. Investors are on the lookout for an expected announcement of a record $488 billion stimulus package in Japan later on Friday, with Reuters citing media reports.
South Korea’s Kospi was up 0.86%. India’s markets are closed for a holiday on Friday.
· European markets nudge higher as investors watch data, earnings and Covid
European markets edged higher on Friday, looking to eke out a positive week as investors continue to watch economic data, the Covid-19 situation and corporate earnings.
· Stock futures rise as S&P 500 seeks to score a winning week
Stock futures gained early Friday as the S&P 500 aims to post a winning week.
Futures on the Dow Jones Industrial Average climbed 124 points. S&P 500 futures and Nasdaq 100 futures gained 0.33% and 0.41%, respectively.
More than 90% of the S&P 500 companies have handed in their financial results for the third quarter, and over 80% of them reported earnings better than Street’s expectations, according to Refinitiv. S&P 500 companies are on track to grow profit by 41.5% year over year.
Thai
Eng