Asian markets are trading lower, as the earning reports of the regional companies missed the vast majority of forecasts on weaker external demand. For now, Asian markets are heading for the second straight week of declines. In the mean time, S&P futures declined 0.40% during the Asian trading hours, erasing a part of the rally seen at the end of the spot session.
“Unlike its Asian peers, the U.S. equity market rose on Thursday helped by better than expected results coming from American Express and Amazon. In addition, Microsoft and Interactive Brokers Group also provided some support to the stock market, even though their earning results were not very strong. The positive first quarter earnings saw on Thursday helped the U.S. markets overcome a number of poor reports from the labor and the housing markets, which contravenes the recent green arrows seen in the equity markets,” TheLFB-Forex.com Trade Team said.
In the Asian session, the major indexes were affected by weaker than expected result from Hitachi High-Technologies and KDDI, the second biggest communication operator in Japan. However, the market also had some positive surprises. Samsung’s shares reached the highest value in the last eight months tonight, after a number of financial companies raised its price estimate. Another surprise was NEC Electronics, which surged 16.7%, after it reached a basic agreement to form the biggest Japanese chipmaker.
Overnight, the Nikkei fell 55.63 points (0.63%) to 8,791.38. The Australian S&P/Asx declined 4.50 points (0.12%) to 3,738.50.
Crude oil for May delivery was recently trading at $49.50 per barrel, down by $0.10.
Gold for May delivery was recently trading up by $0.80 to $905.80.