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Asian stocks struggle to track Wall St higher, earnings in focus

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Asian markets mostly fell Friday as traders struggled to build on Wall Street's positive lead, with hopes for a June interest rate cut fading, while earnings season gets underway in the United States amid optimism for companies' profit outlooks.

Asian traders did not appear to be as excited about the latest US data as their Wall Street counterparts. Photo: Daniel ROLAND / AFPAsian markets mostly fell Friday as traders struggled to build on Wall Street's positive lead, with hopes for a June interest rate cut fading, while earnings season gets underway in the United States amid optimism for companies' profit outlooks.

While US traders pounced on the producer price numbers, Michael Shaoul at Marketfield Asset Management said:"Although we understand the relief with which this report will be received, there is nothing very encouraging contained within it -- and the best that can be said is that there was 'no new bad news' either."Hong Kong, Shanghai, Sydney, Seoul, Singapore and Wellington were all in the red, while Tokyo, Taipei and Manila edged up.

Attention is now turning to the corporate reporting season, which gets underway in earnest later in the day with banking giants JPMorgan and Citibank among those to open their books.

 

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