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Asia markets mixed as Wall Street’s earnings season continues



SHANGHAI, CHINA – MARCH 7, 2023 – The Oriental Pearl Tower, Shanghai Tower, Jinmao Tower and World Financial Center are seen on Lujiazui Street, Shanghai, China, March 7, 2023.

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Asia-Pacific traded mixed on Monday, as Wall Street looks ahead to another major earnings week, including the likes of Charles Schwab, Bank of America and Morgan Stanley.

The quarterly earnings reports would shed light into the overall health of the financial sector in the U.S. following the collapse of Silicon Valley Bank and how that would shape the U.S. Federal Reserve’s tightening cycle.

China’s gross domestic product report is slated to be released on Tuesday, with economists polled by Reuters expecting to see a 4% rise year-on-year for the first quarter of 2023, higher than the final quarter of last year. That would mark the biggest rise in nearly a year.


In Australia, the S&P/ASX 200 was up 0.21%, extending its performance from last week’s gain of 1.98%, with all 11 sectors finishing higher.

In Japan, the Nikkei 225 was marginally lower, while the Topix was up 0.19%. South Korea’s Kospi was down 0.23%, while the Kosdaq rose 0.15%.

Hong Kong’s Hang Seng index climbed 0.22%, while the Hang Seng Tech index fell fractionally. Mainland Chinese markets were up, with the Shanghai Composite up 0.78% and the Shenzhen Component advancing 0.1%.

U.S. stocks ended Friday’s trading session all lower as the market entered its earnings season. The Dow Jones Industrial Average about 0.42%, while the S&P 500 fell 0.21% and the Nasdaq Composite slid 0.35% to end the week

— CNBC’s Sarah Min and Alex Harring contributed to this report

Source: CNBC


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