Asian stocks mixed after Wall Street rises on corporate earnings

Asian The stock market was mixed on Wednesday wall street It rose on strong corporate earnings reports.

Tokyo rose while Shanghai and Hong Kong fell. The yen hovered near his 20-year low below 149 yen to the dollar. Crude oil prices rise.

Wall Street’s benchmark S&P 500 index rose 1.1% on Tuesday after investment banks. goldman sachsmilitary contractors lockheed martin etc. reported strong results.

ActivTrades’ Anderson Alves said in a report that market sentiment “looks positive so far amid earnings that beat expectations.”

The earnings report allays investor fears that the global economy could slip into recession as central banks in the U.S., Europe and Asia continue to hike interest rates to curb inflation at its highest level in decades. It helped offset it, at least temporarily.

That concern helped drag US stocks into a bear market, with the S&P 500 down more than 20% from its January highs.

Tokyo’s Nikkei 225 rose 0.4% to 27,257.38 while the Shanghai Composite Index fell 0.7% to 3,060.20. Hong Kong’s Hang Seng fell 2% to 16,576.17.

Seoul’s Kospi fell 0.6% to 2,237.44 while Sydney’s S&P-ASX 200 rose 0.4% to 6,803.80.

India’s Sensex opened 0.7% higher at 59,357.90. Markets in New Zealand and Southeast Asia rose.

The S&P 500 gained 3,719.98 on Tuesday, with 90% of the index’s stocks up.

The Dow Jones Industrial Average closed 1.1% higher at 30,523.80. The Nasdaq Composite rose 0.9% to 10,772.40.

With no major economic data releases expected this week, investors turned their attention to corporate earnings.

Goldman Sachs rose 2.3%, helping other lenders rise. Lockheed Martin surged his 8.7%, boosting other military stocks. General Dynamics was up 3.8%, Northrop Grumman was up 6.7% and Raytheon Technologies was up 3.4%.

Johnson & Johnson fell 0.3% after reporting strong financial results, but trimmed its forecasts to cope with lower sales outside the US.

American Airlines, Union Pacific and American Express also reported results this week.

In the energy market, US benchmark crude rose 44 cents to $90.47 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the benchmark for international oil trading, rose 41 cents to $90.44 a barrel in London.

The dollar rose to 149.44 from 149.21 on Tuesday. The euro fell from 98.50 cents to 98.30 cents.