Asian stocks sink despite to track Wall St gains, earnings in focus

A pedestrian wearing a face mask walks past an electronic board displaying closing numbers of share prices of Tokyo EStock Exchange in Tokyo on November 9, 2020, as Asian markets react to results of the US presidential election.HONG KONG, China — Asian markets 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.

That has seen investors trim their rate cut bets from six at the start of the year to two now, while former Treasury secretary Lawrence Summers has even warned a hike could not be ruled out.New York Fed chief John Williams said "tremendous progress" had been made in the battle against inflation but there was little need to move in the "very near term", while Richmond boss Thomas Barkin added that decision-makers could take their time.

London jumped in the morning as data showed the UK economy grew for a second straight month in February, boosting hopes for a recovery after it fell into recession in the second half of 2023.Dimming hopes for rate cuts continued to support the dollar, which surged to another 34-year high above 153 yen, putting Japanese officials in the spotlight after they said they were ready to intervene in markets to support their currency.

Analysts said that while reducing interest rates would be a major boost for equities, investor optimism about company profits was crucial. The onset of the dry season coincides with the nation grappling with the continued effects of El Niño, anticipated to persist until May, according to national weather bureau PAGASA.

Listed bakery operator Balai ni Fruitas Inc. saw its earnings expand by more than half in 2023 as sales sizzled during the...The Bureau of Internal Revenue is expecting to collect more than P400 billion this month, largely driven by the annual income...

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