Asian shares climbed in early trade on Tuesday after Wall Street hit record highs overnight, as investors awaited the second-quarter earnings season and a batch of economic data, including key U.S. inflation figures later in the day.13 Jul 2021 10:30AMHONG KONG: Asian shares climbed in early trade on Tuesday after Wall Street hit record highs overnight, as investors awaited the second-quarter earnings season and a batch of economic data, including key U.S. inflation figures later in the day.
Overnight, Wall Street's main indexes closed at their highest levels ever, lifted by Tesla and bank stocks. Tesla rallied over 4per cent and was the top contributor to gains in the S&P 500 and Nasdaq.CEO Elon Musk insisted in court on Monday he does not control Tesla, and he said he did not enjoy being the electric vehicle company's chief executive as he took the stand to defend the company's 2016 acquisition of SolarCity.
"Financials have been unloved for the best part of two months as yield curves have flattened and reflation bets unwound. With earnings season upon us and U.S. yields now looking like they may have found a bottom, we could see some rotation back into banks," said ANZ analysts in a note.S&P 500 companies' earnings per share for the June quarter are expected to rise 66per centper cent, according to IBES data from Refinitiv.