Asian shares track rally on Wall Street that won back most of Friday's wipeout
Investors appeared to have recovered some confidence after worries over how President Donald Trump's tariffs may be punishing the economy sent a shudder through Wall Street last week.
At the same time, a stunningly weak US jobs report Friday raised expectations that the Federal Reserve will cut interest rates at its next meeting in September, potentially a plus for markets.
This week's highlights will likely include earnings reports from The Walt Disney Co., McDonald's and Caterpillar, along with updates on US business activity.
In Asian trading, Tokyo's Nikkei 225 index gained 0.6 per cent to 40,515.81, while the Kospi in South Korea jumped 1.4 per cent to 3,192.57.
In Hong Kong, the Hang Seng rose 0.3 per cent to 24,799.67. The Shanghai Composite index was up 0.5 per cent at 3,602.13.
Australia's S&P/ASX 200 jumped 1.1 per cent to 8,759.90, while the SET in Thailand also gained 1.1 per cent.
India's Sensex was the sole outlier, losing 0.5 per cent on concerns over trade tensions with the United States, with the Trump administration insisting on cutbacks in oil purchases from Russia.
India has indicated that it will continue buying oil from Russia, saying its relationship with Moscow was steady and time-tested,' and that its stance on securing its energy needs is guided by the availability of oil in the markets and prevailing global circumstances.
'Trump's threats of substantial' tariff hikes on account of imports of Russian crude pose a quagmire for India,' Mizuho Bank said in a commentary. 'Between exacerbated US-imposed geo-economic headwinds and financial/macro setbacks from Russian oil advantages lost, pain will be hard to avert.'
On Monday, the S&P 500 jumped 1.5 per cent to 6,329.94. The Dow Jones Industrial Average climbed 1.3 per cent, or 585.06 points, to 44,173.64.
The Nasdaq composite leaped 2 per cent to 21,053.58.
Idexx Laboratories helped Wall Street recover from its worst day since May, soaring 27.5 per cent after the seller of veterinary instruments and other health care products reported a stronger profit for the spring than analysts expected.
The pressure is on US companies to deliver bigger profits after their stock prices shot to record after record recently. Reports from big US companies have largely come in better than expected and could help steady a US stock market that may have been due for some turbulence.
A jump in stock prices from a low point in April had raised criticism that the broad market had become too expensive.
Tyson Foods likewise delivered a bigger-than-expected profit for the latest quarter, and the company behind the Jimmy Dean and Hillshire Farms brands rose 2.4 per cent.
They helped make up for a nearly 3 per cent loss for Berkshire Hathaway after Warren Buffett's company reported a drop in profit for its latest quarter from a year earlier. The drop-off was due in part to the falling value of its investment in Kraft Heinz.
American Eagle Outfitters jumped 23.6 per cent after Trump weighed in on the debate surrounding the retailer's advertisements, which highlight actor Sydney Sweeney's great jeans. Some critics thought the reference to the blonde-haired and blue-eyed actor's 'great genes' may be extolling a narrow set of beauty standards. 'Go get 'em Sydney!' Trump said on his social media network.
Wayfair climbed 12.7 per cent after the retailer of furniture and home decor said accelerating growth helped it make more in profit and revenue during the spring than analysts expected.
Tesla rose 2.2 per cent after awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately USD 29 billion. The move could alleviate worries that Musk may leave the company.
In other dealings early Tuesday, US benchmark crude oil shed 9 cents to USD 66.20 per barrel while Brent crude, the international standard, gave up 8 cents to USD 68.68 per barrel.
The US dollar was unchanged at 147.09 Japanese yen. The euro slipped to USD 1.1555 from USD 1.1573.
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