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Asian markets cautious as earnings season and Gulf tensions loom

Summarised from 2 outlets · Updated 12 Oct, 02:48 · Archive

Asian share markets opened cautiously as earnings season approaches, with oil prices volatile after strikes in the Gulf.

Asian share markets opened cautiously on Monday as earnings season looms, with oil prices volatile following strikes on shipping and airports in the Gulf. South Korean stocks fell 1.1 per cent, while the MSCI index of Asia-Pacific shares outside Japan was little changed. US futures edged higher, with S&P 500 futures up 0.2 per cent and Nasdaq futures up 0.5 per cent.

Oil prices have seesawed amid Donald Trump's announcement of an energy ceasefire between Ukraine and Russia, which neither side has confirmed. Trump also proposed increasing Russian diesel exports, drawing criticism from both Republican and Democratic senators as potentially illegal. Brent crude slipped 1.1 per cent to $US103.50 a barrel, down from a recent high of $US109.97, whilst US crude lost 1.2 per cent to $US90.73 a barrel.

Markets are bracing for the earnings season, with major US banks beginning to report on Tuesday. S&P 500 earnings are expected to have jumped by more than 30 per cent in the third quarter, though the bulk of gains have come from the tech sector. An economist at AMP noted all S&P 500 gains since mid-September had been in tech, whilst investors demand higher yields to fund the massive borrowing for artificial intelligence projects.

Asian markets cautious as earnings season and Gulf tensions loom
Image: The West Australian

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In this story: Donald Trump · Ukraine · Russia · Asia · Gulf · United States · AMP

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