Asian shares were mixed Wednesday, as investors took a wait-and-see stance ahead of earnings reports and possible moves by central banks.
A currency trader passes by screens showing the Korea Composite Stock Price Index , top center, and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, April 19, 2023. Asian shares were trading mixed Wednesday, as investors took a wait-and-see attitude ahead of earnings reports and possible moves by central banks.
“It may still be a worst-is-over story, but recovery has shown to be more gradual than a one-shot wonder,” Yeap Jun Rong, market analyst at IG, said in a report. Lockheed Martin was one of Wall Street’s bigger gainers. It climbed 2.4% after reporting a profit for the latest quarter that topped analysts’ expectations.led to an up-and-down day of trading. The majority of companies have been beating forecasts so far in the early days of this reporting season.
Health care stocks were broadly weak and the heaviest weight on the S&P 500 out of the 11 sectors that make up the index. Johnson & Johnson fell 2.8% despite reporting stronger profit than expected and raising its dividend. The worry was that customers could pull their deposits out of banks together at once, similar to the runs that toppled Silicon Valley Bank and Signature Bank. Most of the focus has been on regional banks instead of the massive “too-big-to-fail” banks like JPMorgan Chase and Bank of America.than expected, and their immense size may have helped lure deposits amid the turmoil. Their strength has helped add some calm to markets.
Inflation is slowing, but it’s still high, and traders widely expect the Fed to raise rates again at its next meeting in May.
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