Asian shares mixed as US stocks edge back from records

Summarised from 2 outlets · Updated 14 Oct, 05:32 · Archive

Asian shares are trading mixed as market interest in computer chips and artificial intelligence continues to support some global shares.

Asian shares are trading mixed early Wednesday, with interest in computer chips and artificial intelligence supporting some global markets. Japan's benchmark Nikkei 225 gained 0.6 per cent to 68,193.13. South Korea's Kospi rose 2.0 per cent, recouping some recent losses. Hong Kong's Hang Seng gained 0.1 per cent to 24,377.61, while the Shanghai Composite was virtually unchanged at 3,801.13. Australia's S&P/ASX 200 declined 0.7 per cent to 8,723.40.

On Wall Street, US stock indexes finished little changed near their records. The S&P 500 edged down by less than 0.1 per cent and pulled further from its all-time high set the previous week. The Dow Jones Industrial Average fell 180 points, or 0.3 per cent, while the Nasdaq composite dipped 0.2 per cent. A batch of summer profit reports from US companies topped analysts' expectations, but gains and losses largely cancelled each other out. Goldman Sachs jumped more than 4 per cent at the start of trading after delivering a third-quarter profit that exceeded expectations, but its stock quickly reversed those gains and finished down 0.2 per cent.

Analysts are forecasting overall profit growth of nearly 30 per cent for S&P 500 companies during the summer compared with a year earlier, according to FactSet. Companies need to hit these high numbers to justify record-setting stock prices despite concerns on Wall Street about high inflation, increased pressure from the bond market and conflicts in the Middle East.

How it is being reported

• Asian shares trade mixed after US stocks edge back from their record after profit reportsAsian shares are trading mixed, as market interest in computer chips and artificial intelligence continued to support some global shares.Clickorlando · 14 Oct, 05:02
• Asian shares trade mixed after US stocks edge back from their record after profit reportsAsian shares are trading mixed, as market interest in computer chips and artificial intelligence continued to support some global shares.News4Jax · 14 Oct, 05:02

In this story: Japan · South Korea · Hong Kong · China · Australia · Wall Street · Goldman Sachs · S&P 500

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