Apple suppliers, earnings, currency, oil, Wall Street
SINGAPORE – Shares in the Asia-Pacific trade higher on Friday following a rally on Wall Street. That followed a negative US gross domestic product report, which suggests the Fed will be less aggressive in its tightening cycle.
In Japan, Nikkei 225 gained 0.27% while the Topix index was flat.
Korea Kospi up 0.6% and Kosdaq up 0.56%.
The S&P / ASX 200 in Australia increased by 0.4%.
Singapore’s United Overseas Bank reported a net profit of S$1.1 billion ($797 million) for the second quarter, up 11% from a year ago.
“Net interest income increased 18 percent year-on-year thanks to strong margin improvement and healthy loan growth,” the company said in a statement.
Thai markets are closed for a public holiday on Friday.
United States on the move
Major US indexes rose at least 1% overnight.
The Dow Jones Industrial Average rose 332.04 points, or 1%, to 32,529.63. The S&P 500 rose 1.2% to 4,072.43 and the Nasdaq Composite added nearly 1.1% to 12,162.59.
US futures rose further after tech companies like Apple and Amazon reported strong earnings.
Those moves come despite the US Bureau of Economic Analysis report GDP fell 0.9% at an annual rate in the April-June quarter, according to previous estimates. GDP fell 1.6% in the first quarter of the year.
While it was the second negative GDP report in a row, the official statements on whether the US is in a recession or not came from the National Bureau of Economic Research. That Determination can take months or even longer.
Currency
The US Dollar Indextracks the greenback against its basket of currencies, at 106.244.
The Japanese yen was trading at 134.41 per dollar, up from the beginning of the week. The Australian dollar trying to reach $0.7 and finally $0.6998.