BEIJING (AP) – Asian stock markets followed Wall Street higher as investors waited for U.S. business results on Tuesday to see how companies cope with supply disruptions and the surge in coronavirus infections over the course of of the last quarter.
Shanghai, Tokyo, Hong Kong and Sydney advanced.
Wall Street’s benchmark S&P 500 rose 0.3%, propelled by tech and consumer stocks.
“It was a good day to be a mega-cap tech action,” Oanda’s Edward Moya said in a report.
The Shanghai Composite Index rose 0.7% to 3,593.23 and the Nikkei 225 in Tokyo rose 0.6% to 29,198.90. The Hang Seng in Hong Kong gained 1.2% to 25,708.52.
Seoul’s Kospi was up 0.6% to 3,027.15 and Sydney’s S & P-ASX 200 gained 0.1% to 7,386.60.
The Indian Sensex opened 0.2% higher to 61,894.25. New Zealand and Singapore advanced while Bangkok and Jakarta declined.
On Wall Street, health giant Johnson & Johnson, United Airlines and streaming entertainment service Netflix were due to release their results on Tuesday. American Airlines and Southwest Airlines will follow on Thursday.
Companies warn that supply disruptions due to the pandemic are hampering production and could hurt them financially.
Investors fear this will fuel inflation and could slow the economic recovery.
“The inflationary pressures that we expected are here – and are persistent,” researchers from the BlackRock Investment Institute said in a report.
On Wall Street, the S&P 500 rose to 4,486.46. The index gained 1.8% last week.
The Dow Jones Industrial Average fell 36.15 points, or 0.1%, to 35,258.61. The Nasdaq rose 124.47, or 0.8%, 15,021.81.
Chipmaker Nvidia rose 1.6% and Target rose 3.2%.
These gains were tempered by losses for health care and other businesses. Medical device supplier Medtronic fell 5.5%.
The S&P 500 is around 1.1% of its all-time high on September 2.
Also on Tuesday, the Commerce Department was due to report on September starts.
Toyota Motor Co. rose 1.3% on Monday after announcing plans to build a $ 1.3 billion plant in the United States to manufacture batteries for hybrid electric and gas-electric vehicles. The owner of Sinclair Broadcasting TV station fell 2.9% after reporting a data breach.
Also on Monday, the Federal Reserve announced on Monday an unexpected 1.3% drop in US industrial production. Almost half of that was blamed on the lingering effects of Hurricane Ida.
In energy markets, benchmark US crude gained 18 cents to $ 81.87 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used for the price of international oils, rose 10 cents to $ 84.43 a barrel in London.
The dollar fell to 114.19 yen from 114.26 yen on Monday. The euro went from $ 1.1649 to $ 1.1649.
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