SYDNEY - Asian equities made cautious gains in early trade on Wednesday following mixed US corporate earnings while oil prices looked set for more wild swings as storage concerns capped optimism about easing coronavirus lockdowns.
Alphabet's earnings beat analysts' estimates for quarterly revenue as its Google unit posted double-digit advertising growth despite the coronavirus-induced slowdown. While users were searching more, they were looking up less commercial topics and advertisers were cutting spending. Markets were looking for any forward guidance from the US Federal Reserve, which is due to issue a policy statement at the close of its two-day meeting on Wednesday. The European Central Bank meets on Thursday.
The Dow Jones Industrial Average fell 0.13 per cent, the S&P 500 lost 0.52 per cent and the Nasdaq Composite dropped 1.4 per cent. The greenback gave back some earlier losses as stocks came off their highs on concerns the coronavirus could spread further than previously thought if businesses reopened prematurely.
The benchmark 10-year US Treasury rose 12/32 in price to yield 0.6161 per cent, from 0.654 per cent late on Monday.
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