Most Asian markets dipped on Thursday as investors digested the latest corporate earnings from the United States as well as geopolitical risks in Europe.
As of 9.39 hrs. local time in Thailand, Hong Kong’s Hang Seng index slipped 1.03%, while the Shanghai Composite in mainland China dropped 0.41%.
The Nikkei 225 in Japan and the S&P/ASX 200 in Australia were about flat.
Meanwhile, South Korea’s Kospi gained 0.42%.
Bloomberg said that risk sentiment remains fragile as investors argue whether shares have reached a bottom after this year’s selloff amid the Ukraine crisis, a Chinese slowdown, and a US recession. Investors are also looking at earnings to see how corporations are coping with rising inflation and borrowing costs.
Looking ahead, the Bank of Japan is expected to keep rates at ultra-low levels at its meeting on Thursday, according to a Reuters poll.
Takuji Okubo, managing director of Japan Macro Advisors, stated that a rate hike is unlikely, but agreed that there are concerns regarding the weakening yen.
Overnight in the U.S., major stock indexes achieved their highest levels since the beginning of June.
The Nasdaq Composite index rose 1.58% to 11,897.65 points, while the S&P 500 index gained 0.59% to 3,959.90 points of trading. The Dow Jones Industrial Average climbed 47.79 points, or 0.15%, to 31,874.84.
