Asian stocks rose on the back of positive US company earnings

© Reuters.

Gina Lee – Asia-Pacific stock markets rose in early trading on Thursday, and continued to regain momentum, driven by US corporate earnings, alleviating concerns about the global economic recovery from COVID-19.

As of 10:23 pm Eastern Time (2:23 am GMT), the South Korean stock market rose 0.97%. In Australia, as Queensland closed its border with New South Wales to curb the spread of COVID-19 in Sydney, the index rose by 0.93%. The 17 released earlier in the day was also lower than expected.

The Hong Kong stock market rose 1.74%.

China rose slightly by 0.17%, and China rose slightly by 0.18%.

Before the opening of the Tokyo Olympics on Friday, the Japanese market was closed for holidays.

The benchmark 10-year US Treasury bond yield climbed to the 1.3% mark. The recent bond rally is about to end, and the 20-year Treasury bond auction is not good. However, Australia and New Zealand’s 10-year government bond yields rose.

Verizon Communications Company (New York Stock Exchange:) and Coca-Cola Company (New York Stock Exchange ticker:) The reported results were better than expected, and United Airlines Holdings (Nasdaq ticker:), despite the constant threat of COVID-19, still forecasts profits. The positive results boosted the U.S. stock market, setting its biggest back-to-back gain in two months.

The positive earnings, coupled with the Fed’s continued moderate monetary policy, quelled some concerns earlier this week about the surge in the number of COVID-19 cases involving the Delta variant and its impact on the economic recovery.

David Mazza, head of product at Direxion, told Bloomberg that some investors are still optimistic about the outlook for global stocks, and they have turned from the sell-off earlier this week to show that “the company has been very resilient in all this.”

“The income estimates are amazing and may be the best in history. Despite this, our central bank has ample liquidity and strong economic growth. Of course, there are still some question marks on how long this situation can last, but the momentum is currently in the hands of investors. With the support of,” he added.

However, the voices of other investors are more pessimistic. Scott Minerd, chairman of Guggenheim Investments, told Bloomberg that September and October may be difficult for the stock market, and the US stock market may fall by 15%.

On the central bank side, investors are now waiting for.

In the United States, Fed Chairman Jerome Powell may be re-elected for a second term, even though the decision will expire later in 2021, and it is reported that it has not yet been submitted to President Joe Biden. US data will also be released later in the day.

In terms of cryptocurrency, after celebrities including Tesla Inc. (NASDAQ:) CEO Elon Musk and Ark Investment Management CEO Casey Wood, they maintained their presence at the B Word conference after celebrities including Tesla Inc. (NASDAQ:) CEO Elon Musk and Ark Investment Management CEO Casey Wood Above the $32,000 mark.

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