Asian Equities Mostly Up Despite Economies Slowdown

Stocks across Asia are mostly trading up today, Oct. 24., as a slew of positive earnings in the United States offset concerns of weaknesses in the global economy.

What Happened

The Hang Seng Index, which tracks the largest companies on the Hong Kong Stock Exchange, closed 0.87% higher on Oct. 24. The gains came mostly from mainland China companies listed on the exchange.

The Nikkei 225 Index in Japan was up as high as 0.69%, while, in Australia, the S&P/ASX 200 index closed 0.31% higher.

In China, however, stocks are down, with the Shanghai Stock Exchange Composite Index down as low as 0.49% during Oct. 24 trading hours.

American Vice President Mike Pence is scheduled to deliver a speech about China later on Thursday. Investors continue to seek updates on the lingering trade disputes between the U.S. and the Asian economic giant.

In Seoul, the Korea Composite Stock Price Index dipped after the country’s central bank reported third-quarter GDP growth that was weaker than expectations. The index lost as much as 0.6% around 10:00 a.m before rebounding to close at 0.24% higher.

Yesterday during the day, the S&P 500 rose above the 3000 levels to close at 3,004.52.

Despite trade conflicts, which had brought about global growth concerns from investors, impressive corporate earnings in the U.S. might have spurred positive performance across markets.

“People were bracing for the worst” for this reporting season, Yana Barton, an equity portfolio manager at Eaton Vance Management Inc., told Bloomberg TV. “So far we’re coming in a little bit better.”

Bloomberg reported that roughly 80% of companies featuring on the S&P 500 have beat earnings expectations.

What's Next

Elsewhere, currency markets are holding firm ahead of important meetings by various central banks over the next week. The European Central Bank meets today, while the U.S. Federal Reserve and the Bank of Japan meetings will take place on Oct. 30. All three central banks are expected to review their monetary policies.