Monday, 6 December, 2021

Asian markets rise after Wall St record

Asian markets rise after Wall St record

HONG KONG: Asian markets mostly rose on Tuesday following fresh records on Wall Street, with healthy corporate earnings overshadowing ongoing concerns about inflation, while progress in Washington on Joe Biden’s big-spending economic plans also provided support.

However, a fresh virus outbreak in China, where more than four million have now been put into lockdown, revived concerns about the world’s number two economy and authorities’ zero-Covid policies, reports AFP.

The S&P 500 and Dow both ended at new peaks, with tech firms lifted by a surge in electric car maker Tesla to the trillion-dollar mark ahead of the release of profit reports this week from business titans including Apple, Amazon, Microsoft and Twitter.

Facebook became the latest firm to unveil bumper earnings, posting a $9 billion profit in the third quarter and reinforcing optimism on trading floors following a string of reports that have seen upbeat commentary on consumer demand.