Investing.com – Most Asian stocks ranged from flat to low on Tuesday as investors remained on edge ahead of earnings from some of the world’s biggest companies this week, while other U.S. interest rate signals were in focus. .
Regional markets took some positive cues from a strong close on Wall Street as US stocks rebounded from two straight weeks of declines. But that rebound appeared to be waning as U.S. stock index futures fell slightly in Asian trading.
China’s stock market recovery weakens, more government signals expected
The worst results of the day were shown by Chinese stocks: the and indices fell by 0.6% and 0.5%, respectively.
The recent rally in Chinese markets appears to have fizzled out, especially as markets sought more stimulus guarantees from Beijing.
Chinese markets have rebounded sharply from five-year lows reached in late January, amid some signs of an improving Chinese economy and Beijing maintaining the pace of liquidity injections.
But Chinese stocks’ performance has slowed in recent sessions as some economic indicators for March showed growth slowing again. Beijing has also given scant hints about additional stimulus measures.
Gains in technology stocks helped support Hong Kong’s index, which rose 1.1%. Video game giant Tencent Holdings Ltd (HK:) was the biggest impact on the index, rising 3%, after the company released a highly anticipated video game earlier this week.
JD (NASDAQ:).com (HK:) shares also rose more than 4%, although it was not immediately clear what caused the rebound.
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Broader Asian markets moved in a narrow range on Tuesday and were still reeling from sharp losses over the past two weeks amid concerns about rising U.S. interest rates and weak risk appetite.
In Japan the situation was flat, as was the case more broadly. Both indices received slight support from positive data for April.
Australia’s index rose 0.4%, helped somewhat by strong April PMI figures that showed the country moving close to expansion territory.
Australia’s first-quarter results are due out on Wednesday.
South Korea indexes rose marginally, while India index futures indicated some support.
Markets await big earnings from US tech companies and economic data
Markets were now awaiting earnings reports from some of Wall Street’s biggest companies. Four of the so-called Magnificent Seven stocks are scheduled to report earnings this week, with Tesla Inc (NASDAQ:) expected to report later on Tuesday.
Facebook owner Meta Platforms Inc (NASDAQ:) will report earnings on Wednesday, while Microsoft Corp (NASDAQ:) and Google parent Alphabet Inc (NASDAQ:) will report earnings on Thursday.
Beyond earnings reports, there is also a focus on data that is the Federal Reserve’s preferred measure of inflation. The results are due to be published on Friday and are expected to take into account the bank’s position on interest rates.