TOKYO — Asian shares rose Tuesday as markets shift their attention from the U.S. Federal Reserve to earnings and economic reports.
U.S. Commerce Secretary Gina Raimondo said she and her Chinese counterpart agreed Monday to exchange information on U.S. export controls and set up a group to discuss other commercial issues. That signals possible hopes about bilateral communication, but various conflicts remain, including over technology, security and human rights.
Australia’s S&P/ASX 200 AU:XJO added 0.4% and South Korea’s Kospi KR:180721 edged up 0.3%. Hong Kong’s Hang Seng HK:HSI jumped 1.6%, while the Shanghai Composite CN:SHCOMP gained 0.6%. Benchmark indexes in Singapore SG:STI, Taiwan TW:Y9999 and Indonesia ID:JAKIDX gained. Companies are wrapping up their latest round of earnings reports, which have mostly beaten analysts’ expectations. Still, overall profits for the S&P 500 have contracted about 4% under the weight of persistent inflation.
The government will issue its July report on job openings on Tuesday and its broader jobs report for August on Friday. The job market is being closely watched because it has remained strong amid high inflation. Wall Street is betting that the Fed will hold rates steady again at its September meeting, according to CME’s FedWatch tool. Bets are nearly evenly split, though, on whether it will raise rates one more time before 2023 closes.
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