Beijing, April 25 (BNA): Asian stocks were mixed on Tuesday after Wall Street rose as investors awaited US earnings reports and economic growth updates.
Shanghai and Hong Kong retreated while Tokyo advanced. Oil prices have changed little, according to the Associated Press.
Wall Street’s benchmark S&P 500 rose 0.1% on Monday after The Coca-Cola Co reported better-than-expected quarterly earnings. About 170 of the largest US companies are due to report earnings this week.
Also this week, US government data is expected to show slowing economic growth after repeated increases in interest rates to calm stubbornly high inflation.
If the economy calms down, technology stocks will face a “challenging environment” in maintaining the high prices that helped the market rebound, Oanda’s Edward Moya said in a report.
He said stocks also face “significant risks” from corporate earnings and a battle in Washington over raising the government’s debt limit.
Wall Street is also waiting for its first estimate of how fast the US economy will grow in the first three months of the year.
Economists expect growth to slow to 1.9% at an annual rate, down from 2.6% in the fourth quarter of 2022.
The Federal Reserve meets next week. Many on Wall Street expect the US central bank to raise interest rates at least one more time, before probably stopping.
Many traders are betting that the Fed will have to cut interest rates later this year in order to support the economy. But Fed officials have insisted they will keep interest rates high at least through the end of this year.
In energy markets, US benchmark crude rose 4 cents to $78.80 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 89 cents on Monday to $78.76.
Brent crude, the price basis for international oil trade, added 3 cents to $82.57 a barrel in London. It advanced $1.07 in the previous session to $82.73.
The dollar rose to 134.37 yen from 134.27 yen on Monday. The euro rose to $1.1055 from $1.1046.