Asia Stocks to Rise on Mideast Diplomacy Efforts: Markets Wrap

-- Asia stocks are set for gains Tuesday after US equities rose amid diplomatic efforts to prevent the Israel-Hamas war from expanding into a regional conflict.Stocks Rise Amid Efforts to Stifle Israel Conflict: Markets Wrap

The outlook for earnings is weakening and could remain subdued, according to strategists from Morgan Stanley to JPMorgan Chase & Co. Meantime, BlackRock Inc. strategists are modifying their underweight approach to Treasury bonds, though not enough to send a buy signal as a relentless rise in 10-year yields promises to provide volatility that can swing the market up or down.

Pfizer Inc.’s announcement that it will cut $9 billion from annual sales guidance due to declining demand for Covid shots and pills was met with relief by investors eager to understand the company’s post-pandemic growth strategy. US pharmacy chain Rite Aid Corp. filed for bankruptcy in an effort to close unprofitable stores, address lawsuits over its role in the opioid pandemic and rework a debt load of roughly $4 billion.

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