HONG KONG, July 13 ― Asian shares climbed in early trade today after Wall Street hit record highs overnight, as investors awaited the second-quarter earnings season and a batch of economic data, including key US inflation figures later in the day.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent, tracking a Wall Street rally overnight. The index is down 3.1 per cent so far this month.China's blue-chip CSI300 index was down 0.1 per cent, while Hong Kong's Hang Seng index rose 0.65 per cent. CEO Elon Musk insisted in court yesterday 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 US 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 66 per cent, according to IBES data from Refinitiv.