Asia stocks mixed ahead of US corporate earnings season

Business | 13 Jan 2020 10:18 am

Asian stocks were mixed today as investors mulled Friday’s lackluster U.S. employment report.

Shares gained in Hong Kong,  Shanghai and Sydney. Japanese markets were closed for a holiday. 

South Korean stocks opened a tad higher as investors scooped up chemical and telecom shares. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.63 points, or 0.12 percent, to 2,209.02 in the first 15 minutes of trading.

US futures had modest gains after the S&P 500 dropped from record levels Friday with the latest jobs report delivering mixed signals on the strength of the economy.

The yen ticked lower, and gold fell.

In the Philippines, trading in stocks and forex was suspended because the Taal volcano to the south of the capital is belching out ash.

Meanwhile, U.S. earnings season gets underway this week, with Citigroup Inc., Delta Air Lines Inc., JPMorgan Chase & Co., UnitedHealth Group Inc. and Goldman Sachs Group Inc. among S&P 500 companies reporting in the next several days. Corporate profits likely dropped for a second straight quarter at the end of 2019, dragging down annual earnings growth to the smallest in three years.-Bloomberg/The Standard

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