Asian markets subdued as investors brace for earnings season

Friday, 13 October 2017, 04:10:25 PM. Asian stock markets were subdued on Friday following losses on Wall Street as investors awaited corporate earnings and U.S. inflation data.

SEOUL, Korea, Republic Of - Asian stock markets were subdued on Friday following losses on Wall Street as investors awaited corporate earnings and U.S. inflation data.

KEEPING SCORE: Japan's Nikkei 225 rose 0.5 per cent to 21,067.53 and South Korea's Kospi added 0.1 per cent to 2,476.73. Hong Kong's Hang Seng index edged down 0.1 per cent to 28,447.08 and Shanghai Composite Index rose 0.1 per cent to 3,390.63. Australia's S&P/ASX 200 rose 0.3 per cent to 5,811.70. Stocks in Southeast Asia were higher.

SAMSUNG EARNINGS: Samsung said its third quarterly profit nearly tripled from a year earlier thanks to a continued boom in the memory chip industry. The company's share price dipped 0.4 per cent after the head of its semiconductor business offered to resign, saying the company needs a new leader.

WALL STREET: U.S. stock indexes retreated from their record highs Thursday as health-related stocks slumped after President Donald Trump signed an order to launch health care reforms. The Standard & Poor's 500 index fell 0.2 per cent to 2,550.93. The Dow Jones industrial average lost 0.1 per cent to 22,841.01. The Nasdaq composite dipped 0.2 per cent to 6,591.51. The Russell 2000 index of smaller-company stocks edged 0.1 per cent lower to 1,505.16.

ANALYST VIEWPOINT: "U.S. markets took another break from record breaking, ending Thursday broadly lower. Diving into the earnings season, it may not be a welcoming turn for Asian markets looking to continue the strong rally from yesterday," Jingyi Pan of IG said in a commentary. "Friday's September CPI release may still offer an opportunity for the U.S. dollar to see some upsides."

OIL: Benchmark U.S. crude oil added 27 cents to $50.87 per barrel in electronic trading on the New York Mercantile Exchange. The contract lost 70 cents, or 1.4 per cent, to finish at $50.60 a barrel on Thursday. Brent crude, used to price international oils, rose 25 cents to $56.50 per barrel in London. It fell 69 cents, or 1.2 per cent, to close at $56.25 a barrel on Thursday.

CURRENCIES: The dollar weakened to 112.14 yen from 112.30 yen. The euro rose to $1.1850 from $1.1828.

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