Asian stocks rise on earnings optimism as US data approaches

A man walks past an electronic board showing sharply lower numbers on the Tokyo Stock Exchange in Tokyo on November 4, 2022, as investors were disheartened by falls on Wall Street and focus shifting to key US jobs data due later in the day.HONG KONG, China — Asian equities extended the week's gains Wednesday following a strong rally on Wall Street and another record in London, as traders cheered more upbeat earnings reports and data indicating a slowdown in US economic activity.

General Electric, Spotify, and diaper and paper product brand Kimberly-Clark were among the companies posting strong gains after releasing quarterly reports.Electric car giant Tesla announced late Tuesday a big profits miss but said it would speed up the launch of cheaper vehicles, which saw its share price soar in after-hours trade.

That reading follows three straight months of forecast-topping consumer price figures that have forced investors to whittle down their outlook for how many cuts the central bank will make -- from six at the start of the year to two at most now. Chris Williamson, at S&P Global Market Intelligence, said: "The more challenging business environment prompted companies to cut payroll numbers at a rate not seen since the global financial crisis if the early pandemic lockdown months are excluded."

Oil prices rose again after jumping more than one percent Tuesday on a report pointing to another build in US inventories that raised questions about demand in the world's top economy.

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