Stocks in Asia Were Mixed, U.S. Stock Futures Edged Higher
Stocks in Asia-Pacific were mixed on Monday, as investors analyzed HSBC’s results. U.S. stock futures rose on Monday morning after the Dow Jones Industrial Average attained its positive week in a row at a record high.
Dow futures gained 18 points. S&P 500 futures as well as Nasdaq 100 futures traded in mildly positive territory.
Last week, the S&P 500 gained 1.7%. The S&P 500 posted its third straight positive week. It also reached its all-time on Friday. The blue-chip Dow added more than 1% in the previous week.
More than 100 companies, more precisely 117 companies in the S&P 500 that reported earnings to date, 84% surpassed expectations.
In Hong Kong, the Hang Seng index advanced about 0.1% in afternoon trade. Shares of HSBC listed in Hong Kong rose about 1% after the bank on Monday reported a pre-tax profit in the third quarter of 2021 that surpassed expectations.
Its reported pre-tax profit for the third quarter advanced 75.8% from a year ago to $5.4 billion. The bank released around $700 million of cash that was previously set aside to prepare for a rise in loan losses as the global economy was battered by the Covid-19. That decision contributed to improved earnings, while all regions HSBC operates in were profitable during the quarter.
In the meantime, reported revenue for the third quarter was $12 billion, 0.7% higher than a year ago. The bank didn’t announce any dividends for the third quarter. Nevertheless, HSBC said it plans to start a share buyback of up to $2 billion “shortly”.
Shares of China Evergrande Group dropped 0.37% after surging nearly 6% earlier. On Sunday, the firm made an important announcement. China Evergrande Group resumed work on more than 10 projects.
Mainland Chinese stocks on Monday
It was a good day for mainland Chinese stocks. The Shanghai composite added 0.32% while the Shenzhen component gained 0.259%.
The Covid-19 continues to affect investor sentiment even in China. The latest outbreak is increasingly likely to spread further, according to a health official. On Monday, China reported 39 new cases, bringing the tally from the latest outbreak to more than over the past week.
In Japan, the Nikkei 225 fell 0.92% while the Topix index dropped 0.48%. South Korea’s Kospi added 0.32%.
In Australia, the S&P/ASX 200 gained 0.41%.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.