Investing.com - Asian shares were mixed on Thursday as Hong Kong
moved higher and Japanese shares fell as the markets digested the
earnings from high-profile technology companies.
Shares in Tencent Holdings Ltd (OTC:TCTZF) surged 5.6% in Hong
Kong, after the Chinese Internet giant said that its first quarter
net profit rose 60% from a year earlier. The results beat
Investors were also digesting earnings from another high-profile
Asian technology company, Sony Corp Ord (TOKYO:6758) The company's
shares were down 6.8% after it predicted on Wednesday its sixth
annual loss in seven years due to prolonged problems at its
The Hang Seng index ended the morning up 0.30%, while the Nikkei
225 was down 0.88% despite first quarter GDP growth in Japan
gaining 1.5%, faster than the expected 1.0% - though prospects for
slowdown this quarter are evident as the growth figure was linked
to a surge in sales before a sales tax hike to 8% from 5% took
place April 1.
Australia's S&P/ASX 200 lost 0.1%, South Korea's KOSPI was
Overnight, U.S. stocks fell as markets continued to sell
technology and small-cap stocks on sentiment that monetary stimulus
tools are on their way out. The Dow 30 fell 0.61%, the S&P 500
index fell 0.47%, while the NASDAQ Composite Composite index fell
On Thursday, the U.S. is to release data on initial jobless
claims, consumer inflation, industrial production as well as a
report on manufacturing activity in the Philadelphia region.
Investors hope the flurry of numbers will shed light on whether
a more robut albeit a still stop-and-go recovery is due to a rough
winter or true slowdown in demand.
Uncertainty ahead of time kept many on the sidelines despite
upbeat wholesale pricing data.
The Commerce Department reported earlier that producer prices
increased by 0.6% last month, beating forecasts for a 0.2% gain,
after rising 0.5% in March.
The Federal Reserve views core prices as a better gauge of
longer-term inflationary pressure because they exclude the volatile
food and energy categories.
Elsewhere, investors continued to sell technology and small-cap
equities, the beneficiaries of exceptionally loose monetary
policies since the 2008 downtown.
The Federal Reserve is expected to wind up its monthly
bond-buying program later this year.
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