Forexpros – Asian stock markets rebounded from the previous day’s losses on Thursday, as investors digested a flurry of corporate earnings.
Growing expectations policy makers around the world will introduce fresh stimulus measures to help spur weak global growth also supported appetite for riskier assets.
During late Asian trade, Hong Kong’s Hang Seng Index eased up 0.2%, Australia’s ASX/200 Index rose 0.6%, while Japan’s Nikkei 225 Index climbed 0.9%.
U.S. equities ended Wednesday’s session higher, as upbeat corporate earnings from global economic bellwethers Caterpillar and Boeing boosted shares.
Speculation the Federal Reserve will introduce fresh stimulus measures to boost U.S. economic growth further supported the market.
However, global markets were expected to remain under pressure amid lingering worries that Spain may require a full-scale sovereign bailout and Greece may exit the euro zone.
The yield on Spanish 10-year bonds was at 7.38% on Thursday, below Wednesday’s euro-era high of 7.74%, but still above the critical 7% threshold, widely considered unsustainable in the long term.
In Tokyo, the Nikkei came off the previous session’s seven-week low with the market drawing support from a number of strong corporate earnings.
Industrial robot maker Fanuc rallied 5.3% after reporting net income rose 1.5% to JPY35.2 billion in the three months ended June 30. Sales increased 4.9% to JPY137.8 billion yen, it said.
Game console maker Nintendo jumped 4.5% after reporting a narrower loss than a year earlier. For the full year to March 2013, Nintendo maintained its forecast for a net profit of JPY20 billion, an operating profit of JPY35 billion on revenue of JPY820 billion.
On the downside, digital camera maker Canon saw shares plunge 7.8% after it trimmed its full-year operating profit outlook, citing weakening demand from Europe and currency headwinds from a stronger yen.
Elsewhere, shares in Australia were boosted by a 9% surge in shares of Qantas Airways, after an unconfirmed report that it’s close to a code-sharing deal with Mideast carrier Emirates.
Looking ahead, the outlook for European stock markets was flat to mildly higher.
The EURO STOXX 50 futures pointed to a gain of 0.25% at the open, France’s CAC 40 futures were flat, London’s FTSE 100 futures eased up 0.1%, while Germany’s DAX futures pointed to a flat open.
Later in the day, the U.S. was to release official data on durable goods orders and initial jobless claims, as well as industry data on pending home sales.
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