SYDNEY - Asian shares pulled ahead on Thursday with corporate earnings buffeting trading as investors remained anxious about the business impact of the Sino-U.S. trade war while Brexit uncertainties kept overall sentiment in check.
South Korea earlier reported third quarter growth slightly below expectations, though exports showed signs of recovery, while a private survey showed Japanese factory activity shrank at the fastest pace in over three years in October, hurt by slowing global demand and trade frictions.Telsa shares jumped 21% in after-hours trading following a surprise third quarter profit.
RBC Capital Markets’ chief economist Tom Porcelli pointed to consistently alarming headlines since the first quarter of 2018 suggesting poor Caterpillar earnings meant a recession was round the corner, though that has yet to transpire. So far, results from about 125 of the S&P500 companies are out with analysts expecting earnings to have declined 2.9% year-over-year, according to IBES data from Refinitiv.
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Do Asians only get their stock updates in the streets?