BANGKOK– Asian shares rose on Tuesday after Wall Street posted more records, although markets in China were largely lower.
U.S. futures edged higher as oil prices fell more than $2 a barrel.
Tokyo’s Nikkei 225 index gained 1.3% to 40,125.60, while Seoul’s Kospi gained 0.2% to 2,627.92.
In Australia the S&The price/ASX 200 rose by 0.8% to 8,321.40.
Chinese stocks extended losses after the government reported late Monday that export growth fell sharply in September, adding to signs of weakness in the economy.
The Shanghai Composite index lost 0.5% to 3,267.13, while Hong Kong’s Hang Seng lost 1.3% to 20,810.11.
“Market participants continue to seek clarity around fiscal stimulus support from Chinese authorities, but the lack of commitment remains a source of reluctance to take risks in Chinese equities,” IG’s Yeap Jun Rong said in a commentary.
Also early Tuesday, the dollar fell from 149.83 yen to 149.70 Japanese yen. The euro fell from $1.0911 to $1.0895.
U.S. benchmark crude fell $2.25 to $71.58 a barrel. Brent crude, the international standard, fell $2.33 to $75.13 a barrel.
On Monday, Wall Street went for more all-time highs.
The S&The P500 climbed 0.8% to build on Friday’s record high, closing at 5,859.85. It’s its fifth consecutive winning week and is on track for the longest weekly winning streak of the year.
The Dow Jones Industrial Average rose 0.5% to 43,065.22, adding 201 points to its own record. The Nasdaq index gained 0.9% to 18,502.69.
The gains followed relatively quiet trading in Europe, while the US bond market remained closed for a day for a holiday.
In addition to oil, prices for copper and other commodities that a healthy Chinese economy would devour also fell. That helped drive down prices for miners like Freeport-McMoRan, which fell 2.3% on one of the bigger losses in the S.&P500.
Boeing lost 1.3% in its first day of trading since 2011 aerospace giant warned that it expects to report that it burned through $1.3 billion in cash in the quarter and lost $9.97 per share. Boeing also said it is laying off 10% of its workforce as it tries to cope with a labor strike that is crippling production of the company’s best-selling planes.
There will be few top-level economic reports this week, aside from an update Thursday on sales at U.S. retailers. This continues to focus on corporate earnings reports, which will pick up the pace this week after the major banks kicked off reporting season last week.
Bank of America, Johnson & Johnson and UnitedHealth Group will all report their latest results on Tuesday. United Airlines, Netflix, American Express and Procter will follow later in the week & Gambling.
Analysts are looking for S&According to FactSet, P 500 companies will post 4.1% overall growth in earnings per share in the final quarter from a year earlier. If they are right, this would be the fifth consecutive quarter of growth.
Stock prices have broadly risen to records on interest rate relief finally back downnow that the Federal Reserve has expanded its focus to the economy keep the economy going instead of ordinary fight against high inflation.
Recent reports show that the The US economy remains stronger than expected have also increased optimism that the Fed can pull off a perfect landing that will bring inflation down to 2% without triggering the recession that many thought would be necessary.
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AP Business Writer Stan Choe in New York contributed.