Asian markets traded mostly higher on Wednesday, encouraged by Alcoa’s solid earnings report. The Nikkei climbed .7% to 10759, as exporters were lifted by the falling yen. The Hang Seng rose .5% to 23216, and the ASX 200 ticked up .4%, boosted by miners. The Kospi slipped .3% to 1992, and the Shanghai Composite ended flat.
European telecom shares surged 2.7% and banking shares jumped 2.3%, leading the region’s indexes higher. The FTSE climbed .7% to 6099, while the DAX and CAC40 edged up .3%.
Inn the US, the Dow added 62 points to 13391, the Nasdaq gained .5% to 3106, and the S&P 500 closed up .3% to 1461.
Alcoa released its earnings report after the close on Tuesday, marking the unofficial beginning to the earnings season. Earnings were in line with estimates, revenue exceeded forecasts, and the outlook was upbeat. The company’s shares closed down .2% to 9.08.
The SEC reported it is investigating Herbalife amid charges the MLM vitamin company is merely a pyramid scheme. Nonetheless, the shares rose 4.2% after hedge fund, Third Point, revealed it has an 8.2% stage in the company.
Currencies
The yen resumed its downward trend, skidding 1% to 87.77.
The euro eased .2% to 1.3060, and the pound slipped .2% to 1.6023.
Economic Outlook
Thursday’s reports will include weekly unemployment claims, and wholesale inventories.
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Alcoa’s Upbeat Outlook Lifts Equities
Published 01/10/2013, 05:42 AM
Updated 05/14/2017, 06:45 AM
Alcoa’s Upbeat Outlook Lifts Equities
Equities
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