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Asia markets mostly higher as earnings pour in; Japan stocks fall

·1 min

Asia-Pacific markets saw varied performance on Wednesday, with most markets gaining ground except for Japan. Investors were assessing corporate earnings from both U.S. and Asian firms. Palantir Technologies surged nearly 31% after reporting a revenue beat in Q4, while Spotify Technology gained almost 4% after surpassing expectations and increasing its number of Premium subscribers. DBS Group, Southeast Asia’s largest bank, reported a 2% year-over-year increase in Q4 net profit. In Australia, the S&P/ASX 200 rose 0.6%, while Hong Kong’s Hang Seng index was set to extend gains. Japan’s Nikkei 225 slipped below 36,000, falling around 0.5%, and South Korea’s Kospi added 0.8%. In the U.S., all three major indexes gained ground. New Zealand posted a lower-than-expected unemployment rate for Q4. A Tokyo-based advisor believes the Nikkei 225 index could surge more than 50% over the next two years. Competition in the electric vehicle industry remains competitive, but one analyst believes that one stock will come out ahead. Cleveland Federal Reserve President Loretta Mester sees a gradual pace of rate cuts this year. Oil prices settled higher as U.S. production is expected to plateau. Bitcoin rose as the 10-year Treasury and regional banks fell. Earnings for S&P 500 companies are up more than 8% year over year so far.