Asian Markets Advance, U.S.-China Tensions Simmer

Arjun Pandit
08 Aug, 2022
New York City

Asian stocks closed mixed and the indexes in Hong Kong fell on the worries that the higher rates in the U.S. will further depress valuation of future earnings stream of tech companies. 

China continued its military exercises around Taiwan waters expressing its disapproval of the recent visit of the U.S. House Speaker Nancy Pelosi. 

Tokyo stocks advanced on a positive domestic corporate outlook. 

Suzuki Motor soared 10% after the company reiterated its annual outlook. 

Canon Inc surged 4.6% to 3,370 yen after the camera and office equipment maker announced its second stock repurchase program this year. 

Bandai Namco Holdings increased 4.06% to 10,020 yen after the video game maker reported a 55% jump in video game sales in the quarter ending in June. 

China's trade surplus soared in July above $100 billion for the first-time after exports surged 18% but imports rose only 2.3% from a year ago on the sluggish demand for energy and raw materials. 

The Nikkei 225 index gained 0.3% to 28,24924, the Hang Seng index fell 0.8% to 20,045.77, and the Sensex index gained 0.8% to 58,853.07.

Stocks in India advanced as investors shifted to focus on domestic earnings and weakening crude oil prices. 

The Indian rupee held firm and closed at 79.51 against the U.S. dollar. 

Adani Ports and Special Economic Zone Ltd declined 0.4% to 807.0 rupees after the company reported weak growth in revenues. 

Total revenues in the June quarter rose marginally to 5,099.25 crore rupees from 5,073 crore rupees a year ago.  

Profit-after-tax increased 16.9% to 1,091.56 crore rupees and the port operator handled record quarterly cargo of 91 million tons. 

The company also reiterated its previous estimate of the annual cargo between 350 million and 360 million tons and operating earnings between 12,200 crore rupees and 12,600 crore rupees. 

Bharti Airtel gained 0.2% to 704.95 rupees and the telecom operator said June quarter net income surged nearly five-fold.