Asian markets rise on earnings, Europe mixed

[April 21, 2010]  BANGKOK (AP) -- Asian stocks markets mostly shot higher Wednesday as robust U.S. earnings offered further evidence of recovery in the world's biggest economy. European shares were mixed.

Some of the region's major benchmarks were up 1.5 percent or more while oil jumped above $84 a barrel. The dollar rose against the euro and largely held gains against the yen.

Investors in Asia were buoyed by gains Tuesday on Wall Street after Goldman Sach's first-quarter corporate profit numbers overshadowed ongoing concern about fraud charges against the investment bank. Apple Inc., meanwhile, shattered expectations with a 90 percent leap in net income for the most recent quarter, boosting Asian technology shares.

Improved earnings are a sign of recovery in the U.S. economy and a boost for Asia's manufacturers who are hoping to send more cars, electronics and garments to the giant U.S. market.

European stocks were mixed as trading got underway. Britain's FTSE 100 was off 0.2 percent, Germany's DAX rose 0.1 percent and France's CAC-40 was down fractionally. Futures pointed to a flat open Wednesday on Wall Street. S&P futures were up 1 point, or 0.1 percent, at 1,206.40 while Dow futures were little changed.

Earlier in Asia, Japan's Nikkei 225 stock average climbed 189.37 points, or 1.7 percent, to 11,090.05 with a weaker yen giving an additional lift to exporters like auto and electronics makers.

South Korea's Kospi rose 1.7 percent to 1,747.58 while Hong Kong's Hang Seng retreated 0.5 percent to 21,510.93. Australia's benchmark gained 0.6 percent and China's Shanghai stock guage added 1.8 percent.

Markets in Taiwan, India and Indonesia also climbed but Thailand's benchmark fell 0.4 percent as tensions escalated in the standoff between anti-government demonstrators and security forces in the capital Bangkok.

Technology shares were strong across Asia. Toshiba Corp. jumped 3.3 percent in Tokyo trade and South Korea's Samsung Electronics Co. was up 2.9 percent in Seoul.

A bounce in the price of crude oil after a two-week slide helped energy stocks. JX Holdings Inc., created by the recent merger of Nippon Oil Corp. and Nippon Mining Holdings Inc., rose 1.5 percent in Tokyo.

Overnight on Wall Street, the Dow rose 25.01, or 0.2 percent, to 11,117.06. A drop in shares of IBM Corp. following its earnings report held the Dow to a more modest advance than other indexes.

The Standard & Poor's 500 index rose 9.65, or 0.8 percent, to 1,207.17. The Nasdaq composite index advanced 20.20, or 0.8 percent, to 2,500.31.

Crude oil for June delivery rose 62 cents to $84.47 a barrel in electronic trading on the New York Mercantile Exchange.

In currencies, the dollar rose to 93.20 yen from 92-yen levels in Asian trade the previous day. The euro fell to $1.3428 from $1.3438 late Tuesday in New York.

[Associated Press]

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