Yahoo Finance Asian Markets Mixed as U.S. Stocks Surge Back into Positive Territory
Investing.com - Asian markets were mixed in morning trade on Friday as U.S. equities rebounded into positive territory.
The S&P 500 index jumped 1.9% to 2,705.57. The Dow Jones Industrial Average rose 1.6% to 24,984.55 while the NASDAQ Composite surged 3% to 7,318.34 after its biggest drop in seven years.
The gain in U.S. stocks came despite disappointing earning reports from technology giants Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL).
Amazon’s shares were 6% lower in after-market trading as its sales and operating income fell short of estimates. Meanwhile, Google parent Alphabet said its third-quarter revenue also missed forecasts.
Fed policies and a weakening Chinese economy also continued to dent market sentiment, according to analysts.
"The first, and most important (worry) is that Fed tightening and fading fiscal stimulus will cause the US economy to take a turn for the worse ... The second is that China's economy will continue to struggle," analysts at Capital Economics said in a note to clients.
"As we have been arguing for a while now, these worries are likely to get worse over the next twelve months or so,” they added.
Looking ahead, markets are likely to focus on the upcoming U.S. third-quarter GDP data due later in the day.
In Asia, Japan’s Nikkei 225 was down 0.4% by 10:04 PM ET (02:04 GMT), on track for a slide of almost 5% this week.
Government data showed on Friday that Tokyo’s core consumer price index rose 1.0% in October from a year earlier, matching a median market forecast.
The Bank of Japan's rate review is due next week. Markets widely expect the central bank to maintain a steady monetary policy.
China’s Shanghai Composite slipped 0.2%, while the Shenzhen Component inched up 0.1%. Hong Kong’s Hang Seng Index traded 0.8% lower.
Elsewhere, South Korea’s KOSPI was down 0.8%. Australia’s ASX 200 declined 0.4%.
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