Asian markets cautious ahead of major corporate earnings

TREC is similar to Hong Kong's Lan Kwai Fong and Singapore's Clarke Quay entertainment districts. Photo: Khalil Adis Consultancy.

“Some of the world’s biggest technology companies are reporting earnings this week as well as a raft of the big European banks,” Nick Twidale, chief operating officer at Rakuten Securities Australia, said in a note to clients. Financial analysts have already slashed their 2019 profit forecasts after Boeing announced earlier in April it was cutting its monthly production of the 737 by about 20 percent.Separately, Sri Lankan stocks plunged by 2.6 percent — their biggest drop in four years — as the Colombo Stock Exchange reopened for trading after terror attacks on Easter Sunday killed more than 300 people.

“This points to a big drop in the supply side, which boosts the commodity’s price. Iran’s daily oil output amounts to 1.3 million barrels, according to latest figures in end March,” said Margaret Yang Yan, market analyst at CMC Markets Singapore.

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