Asian shares rise on tech boost; yen on intervention watch
Asian stocks rose on Wednesday, tracking Wall Street, as an after-hours surge in shares of EV maker Tesla (NASDAQ:TSLA) following its promise of new models, and upbeat earnings from some U.S. companies lifted risk sentiment.
The yen was rooted near 34-year lows, keeping traders wary of possible intervention from Tokyo.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.55%, having climbed 1% on Tuesday, as stocks rebounded from last week's steep selloff. Japan's Nikkei surged 2%.
China stocks were mixed, with the blue-chip index flat, while Hong Kong's Hang Seng Index added 1.6%.
Tesla kicked off the earnings season for U.S. tech megacaps, announcing the launch of new electric vehicle models that sent its shares up 12% in extended trading.
U.S. stocks closed higher on Tuesday as companies such as automaker General Motors (NYSE:GM) reported strong earnings. E-mini futures for the S&P 500 rose 0.27%. [.N]
The earnings-packed week includes results from tech giants Meta Platforms (NASDAQ:META), Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT), and will likely set the tone for the near term.
"Expectations are also set for upcoming earnings from major U.S. tech companies like Meta, potentially maintaining a positive atmosphere in the tech sector ahead of these releases," said Anderson Alves, a trader with ActivTrades.
Beyond corporate earnings, traders are focused on the U.S. gross domestic product figures and the March personal consumption expenditure data - the Fed's preferred inflation gauge - due later this week to gauge the path of U.S. rates
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